As most of you are probably aware, Bitcoin and the overal crypto-currency market are deep in the red over the past 24 hours, which is in stark contrast to what the majority of “analysts” were predicting. The general consensus among “analysts” was that Bitcoin would see the $15,000 level this morning, but as I type this, Bitcoin is sitting at ~ $12,200. The price dipped as low as $11,200 briefly before climbing back up to it’s current level.
So, why is the market so deep in the red? In my opinion, this has been brewing for a few weeks and it only looks to get worse. Government crackdown on crypto- currency is real! This is not just paranoid talk. Everyday we are hearing about different governing bodies in various countries announcing planned legislation to derail this hype-train and in my opinion, it won’t be long before governments find a way to get their hands deeply wrapped around the throats of the major crypto currency exchanges. The recent raids at a couple of exchanges in South Korea are just the tip of the iceberg as South Korea is gearing up to shutdown trading at crypto currency exchanges completely. I could easily see governments in other countries following suit if in fact South Korea does follow thru with their agenda.
This is what is creating the fear in the market and in turn people are pulling their money out. I know I will get a ton of people saying I’m clueless and just wait, Bitcoin will be over $20,000 tomorrow, but this looks to me like the beginning of major government crackdowns world wide and I just feel it needs to be seriously considered. Maybe I’m wrong, but it wouldn’t be the first time that government has stopped a great thing dead in its tracks. They will use the excuses that they are fighting corruption blah blah blah or that they are protecting consumers from losing their hard earned money in a volatile market, but the truth is that they just want their greedy hands to control the economy and crypto currency is a threat to that.
That’s my two cents. Thanks for reading