Bad news for crypto world?

in #cryptocurrency7 years ago

Red, sea of red with FUD from

INDIA
https://cointelegraph.com/news/india-bitcoin-prices-drop-as-media-misinterprets-govts-regulation-speech

USA
https://www.cnbc.com/2018/01/30/cryptocurrency-and-taxes-what-you-need-to-know.html

Wherever you read the news, it seems fud is everywhere..

People are panicking.. But why? Because many people are simply speculating in this space..
Traders are calling the bottom specifying btc now 8600k is reaching the 200MA line...

Some saying this is the awaited "correction" ( i personally disagree with this term and prefer pull back instead) of the last ridiculous Bull Run in the market..

Early December 2017
IMG_20180202_115045.png

Late December 2017

IMG_20180202_115142.png

And pull back
IMG_20180202_115120.png

Before the next Crazy Run Up in Early January

IMG_20180202_115059.png

(All figures are from https://coinmarketcap.com/charts/ )

My take on this crazy bull run is due to simplistic optimism which are simply not based on reality for the year of 2018.
So, many new money who have sat by in 2016 and 2017 simply "watching" become pressured by their psychology of Fear of Missing Out jump into the bandwagon when they see BTC finally break the psychological barrier of $10k and holding above it..

Coupled with "printing" and pouring of ludicrous amount of USDT into the market totalling 775million pushing the BTC price to ATH just shy of $20k

https://news.bitcoin.com/bitfinex-printed-one-third-usdt-receiving-subpoena/

"Since receiving the subpoena, Tether increased the number of USDT by 775 million, comprising a 52.5% increase in the total supply from December 6th, 2017. "

Those who bought at the top would be loosing more then half of their holding. Such extreme volatility cannot be comprehend by traditional market investor or trader.. With many calling bitcoin as a bubble..

For now just stay strong and hodl