Again with another depressive post for us crypto heads.We all know how is the market today.. let's say it's looking a bit bloody with a chance of some panic sells.(Brought to you by crypto weather forecast :P )
Anyways, we all know if btc goes down the alts go down even more, its because if people are selling alts they first have to sell them for btc and than fiat, so alts get more pushback than btc normally.So let's check out some possible reasons for this massacre.
China FUD
It was rumored that the Chinese govt is banning all local exchanges and restricting local people to go to foreign markets too.First the mining ban fud now this, not to mention the recent Korean ban fud -_-... as Asian markets make up a huge chunk of all crypto market cap, its no surprise it's the likely reason for this massacre. Many news media covered this story, you can read for more info in this recent Bloomberg article.....
https://www.bloomberg.com/news/articles/2018-01-15/china-is-said-to-escalate-crackdown-on-cryptocurrency-trading
My Thoughts
I also read a reddit post mentioning people are selling cryptos in China for fiat because of the Chinese new year, which is kind of true (speaking from personal experience).It's a big deal here in China and I have seen people spending tens of thousands for traveling, presents etc.. But I don't think it will do this much impact though. Is it all China Ban FUD then?
Guys come on..is this anything new? FUD after FUD we have seen all this before and how it all ended up in the long run? Even the recent bull run of 19k-20k btc was after a dip. So HODL on, I say this like thousand of times don't panic sell.
The market will bounce back again its another normal day for us HODLERS, so I am not worried, in fact, if anything its a great time to buy some cheap alt coins.
Again these are all my opinions and I want to hear from you, comment down your thoughts and opinions about this matter.
And as always...