From ValueWalk
Nothing like waking up on a Monday morning, to see the Bitcoin price falling 10%, right? That is what happened this morning as cryptocurrencies took another hit to start a week. It probably won’t last, and it is already starting to climb back.Read more: http://www.valuewalk.com/2018/01/news-asia-drops-bitcoin-price/Bitcoin Price Drops Because Of South Korea
Yup, South Korea did it again. They dropped a bombshell of a news item and the cryptocurrencies were rocked. Today, it was the fact that they are going start taxing cryptocurrency exchanges at 24.2%. That kind of news always sends a shock wave through the markets. Sometimes there are sell offs that send prices lower and sometimes it’s just a matter of them all being highly speculative to begin with.South Korea was also responsible for last week’s price drop when they continued talk about banning all cryptocurrencies from the country. It seems like they may have walked back on that and decided the government could make money off of them as well. This should actually have been good news for the market. If the South Korean government is now taxing cryptocurrency exchanges, that means they have come to grips with its existence and see a way to coexist with them. They certainly won’t start banning them once they are making a billion Won per year. This should, once it sinks in, send prices back upward.
Well if you were wondering why we see another dip today, here is your answer. Luckily there has already been so much damage done to bitcoin's price by FUD out of Korea lately that there wasn't too much left to drop. Bitcoin is still holding strong above $10K and if we can just string together a few solid weeks without Asia releasing a bunch of overblown negative news we can get 2018 back on track.
Leave your thoughts in the comments below.
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You know, for a currency that's supposed to be independent of government it seems to be reactive to what governments say...
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Can't go up everyday. Love it at these prices.
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a very interesting topic, good post, greetings!
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South Korea probably has the US deep state trying to destroy the price with FUD and more FUD.
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Exactly...it's not the Koreans doing this
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On one hand they want to destroy crypto, on the other hand they want to tax crypto profits.
Conclusion: I think they are loosing the battle!
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Anyone who didn't expect a correction after major regional governments make Crypto-Tax announcements is clueless. In the US, the stock market surge is primarily due to lower tax rates that impact financial models for valuation. Taxes are going to be a fact of life if you expect cryptocurrencies to be validated by governments. They won't sit back and go "oh well" while commerce takes place and they don't get their cut.
This tax announcement will simply reduce the appeal of day trading. Day trading was a key aspect of trading volume soaring during the Q3-Q4 Bull Market. The volume will increase again once cryptocurrencies become a bigger component of daily COMMERCE, not just speculative trading.
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Bitcoin gonna move up next week no worries.
26th Jan is a good day for btc plus there is oversold position in weekly timeframe.
Check my analysis of bticoin here:
https://steemit.com/bitcoin/@mazharkazmi/bitcoin-weekly-timeframe-analysis-22-01-2018-bitcoin-gonna-move-up-next-week-an-analysis-with-technical-reasons
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FUD and FOMO are powerful motivators. Lots of people still need to learn how to HODL
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Despite all the negative news about governments shutting down anything having to do with crypto there is alway counterpunch.
Crypto is not going anywhere!
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Bitcoin has shaken the south korean market. This should be encouraging those that are not into crypto market yet, that the future is bright, and the governments are fearing not being part of that future. Glad that it's rising back
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Bitcoin crash now :(
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This is crazy. I'm still always amazed at the volatility of the crypto markets. It's pretty easy for international news to affect the markets either in a positive or a negative way. Not just Bitcoin too....EVERYTHING
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Good post may freinds
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South Korea is the third-biggest market in the world for Bitcoin trades, behind Japan and the US. This is an esstimation to the number bitcoins being traded. So these threats shouldn't be taken lightly. An impact is seen already. I just invested in bitcoins of recent am quite hopeful this will come to pass.
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This is the type of news that will usher in the end of the centralized third party exchanges, and explode the growth of the decentralized p2p exchanges.
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I was wondering what was the reason of this dip.
I guessed that it has something to do with China or Korea.
This can be a great opportunity to invest some money again.
I am still in profit from last dip and I might invest again.
Hopefully, they solve this issues soon, and the prices go up.
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Great time to buy, South Korea is gonna tax not ban!!! That is actually favorable news South Korea is not gonna leave the market!
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8.72% @pushup from @contentjunkie
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Sneaky Ninja Attack! You have been defended with a 9.59% vote... I was summoned by @contentjunkie! I have done their bidding and now I will vanish...Whoosh
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