So the market is taking a hugh dump with bitcoin dipping to the 8K area and this is the time to take a look at what is a actually going on.
The last couple of weeks was filled with fud after fud after fud and usually at a key resistance areas.
First We have India - they have declared that crypto is ilegal! well not exactly - The goverment just announced that they will fight illegitimate use of crypto currencies but the media as the media like to do is running a ahead by saying that its ilegal.
problems with USD Tether and their connection to bitfinex.
3 . South Korea is stricting their regulations against crypto and enforce some new rules for crypto currencies.
At times like and as long as bitcoin stays above 8k you should not look at the price but rather at the buying opportunities - everything is on sale right now and its time for shopping :)
The funny thing is that througout november and december 2017 the fud being spread about the lighting network being vaporware was high, the segwit transactions per second was stalling , we had very high fees for both bitcoin and ethereum, congestion, Yet the growth was insane!
Now things are a a little bit different - the tech is advancing - The lighting network has 400 nodes already over a thousnad channel opened - this will make bitcoin one of the most advance crypto currency, atleast for value transfer, unlimited transactions per second theoretically ! fees are down, confirmation times are faster. Japan is integrating more bitcoin payments. Korea has long terms positive regulations in place .
robin hood - the famous stock trading app has entered the world of crypto currencies and has over a milion users signed up to use the beta https://crypto.robinhood.com/
congestion is down
and so are prices
so you can see everything here is news related and very irrational . If you like you can take a look at some comforting viral tech analysis which will maybe make you look at things from a different perspective :)
its just another dinosaur formation, no need to worry!
just blur the highs in your charts and you actually mooning here no?
For a summery I would like to say the crypto currency market has made a massive and needed correction and most of it was because its needed to clean all the "dirt" from it as ponzies and scams like bitconnect which has fallen down recently. This will make room for more legitimate projects to bring in new strong hands into crypto and the inevitable growth of this amazing invention will continue.
Crypto maniac out