Skip to main content

CRYPTO IS ALL HUMAN PHYCOLOGY , RIGHT NOW IT'S A MASS PANIC AS IMPACT OF ASIAN MARKET AFFECT THE CRYPTO...


Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies. Today's market cap for all bitcoin (abbreviated BTC or, less frequently, XBT) in circulation exceeds $7 billion.

Too often over the past couple of years, whenever the price of bitcoin sank, even by 5%, mainstream media would rush to call it a“crash.” Due to it's volatile feature bitcoin, the price would frequently regain its losses within a day or two, making the scaremonger headlines looks silly.

But this time, it’s a bonafide crash.
The entire cryptocurrency market is facing deep red from last 2-3 weeks with most of the top coins down by more than 15%, . Bitcoin fell below $10,000 for the first time since before Thanksgiving, and is down nearly 50% in the past month; ether, the token of the Ethereum blockchain, fell below $1,000; and XRP, the token of the Ripple payment network, erased $32 billion of its market cap in a few weeks.
This time Bitcoin is facing a huge impact of Asian market on it"s growth as the three major countries at times was having major impact on Bitcoin value .
Just a few months ago, China was the world’s biggest  market for bitcoin trading . The China was the closest participant after The United States with the percentage of participants 29 percent. After that the third country is United Kingdom come with the participants 16 percent. That was the fewer amounts but definitely it was rising the percentage will increase with more participants and investors. China was having  the biggest impact on the trading of Bitcoin because it has more exchanges and is technologically savvy country. China is one of the leaders because it has massive miners. The wallets for the Cryptocurrency has been increasing from 5.8 million to 11.5 million that was active and working.
Then came bad news, followed by extreme  bad news.
In September, China banned initial coin offerings (ICOs), a red-hot but risky new method for cryptocurrency startups to raise money in a token sale. Two weeks later, Chinese government officials shut down local bitcoin exchanges like OKcoin and Huobi, at that time two of the largest exchanges in the world.
SOUTH KOREA, Gives a neutral signal.
Last week, a South Korean official said that the country is preparing a bill to ban bitcoin trading. The major coins plummeted.“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Justice Minister Park Sang-ki said at a press conference, according to Reuters.
This is not the first time that cryptocurrencies are responding in such a manner especially after some resistive measures by governments. 



Comments

Post a Comment

Popular posts from this blog

Will it be possible that if Blockchain Technology can remould Global Payments System?

Payments are synonymous with a transaction that is guaranteed by a central authority which can be a bank, a payment wallet or an escrow service. Keeping the chronological timeline under consideration blockchain happens to be at the helm of technological advancement in the financial domain.   A block is the ‘current’ part of a blockchain, which records some or all of the recent transactions. Once completed, a block goes into the blockchain as a permanent database. Each time a block gets completed, a new one is generated. “Blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole.” The core value of a blockchain is that it enables a database to be directly shared without a central administrator. Rather than having some centralized application logic, blockchain transactions have their own proof of validity and authorization to enforce the constraints. Hence, with the blockchain acting as a consensus ...
1 comment
Read more

Bitcoin a 'dangerous speculative bubble ,is it?

Mo n e y   is   a   m a tt er   o f   f a ith,    Bits of paper and computer bytes change hands billions of times a day as a measure of value because we trust the promise that they represent .in today's era of fiat money ,those promises rest ultimately on a guarantee by governments that they are valuable .  that guarantee , as we have seen , is being questioned as the willingness of governments to live up to the promises of fiat currencies is called into question by the deterioration in public finances    We often discuss the ways that new technologies and techniques are being used to improve the digital scenario consecutively  To   t r e at   the   debate   about   the   f ut u re   of  mo ne y   as   a   battle   between econo m i c  truths  is   to   mi s und e r stand   the   nature   of   money  itself. ...
Post a Comment
Read more

DON'T WAIT TO BUY BITCOIN, BUY IT & WAIT...

We all are getting  aware of  digital world day by day ,digital world are adding new technology on each successive day , things are being converted into digital process . The new digital economy is being introduced , now a days we all are familiar with new type of digital currency  bitcoin ,., Few technologies have the ability to stir passionate online debate and baffle the vast majority of the population as bitcoin. The virtual currency has been a constant source of interest and confusion since it thrust itself into the mainstream more than five years ago. But interest in bitcoin is now greater than ever. Its value has soared above $10,000 (£8,000), a new high point, turning those who hoarded large amounts early on into millionaires. There are lot's of question that arise  in our mind day by day ..just like How does it work? B itcoin works on a public ledger called blockchain, which holds a decentralised record of all transactions...
Post a Comment
Read more