They are several reasons that are all cumminating at once. Andrea Antapanopoles said everytime bitcoin is attacked it comes out stronger. That give some sollace to all the hodlers out ther knowing we are coming out stronger and the price will only appreciate.
After the bear market crypto can only increase in value. Bitcoin for example is deflationary by nature so even if no new people adopt it it will increase in value.
Alot has happened in the past few weeks all contributing to this bear markert. I'll explain my thoughts on why and put my expectations of the future trends below.
- One that most people think is the culprit. (FUD) Fear, Uncertainty and Doubt.
Alot of news came out especially this week. Facebook banned bitcoin and all cryptocuerency advertisements on their platform. This definatley afects more smaller coins and ICO'S because Facebook is one of the platforms many are using to advertise their product. I think many will feel a pinch however people will adjust and find a way around it. By advertising on other platforms.
Facebook will come to their senses when they realise they want in on that crypto cash. If they don't they miss out on the profits from this crypto train.
Another factor was JP Morgan banning the buying of cryptocuerency with their cards inorder to "protect their customers". Who need banks protecting them from making their own decisions. In my opinion they are doing this because their scared of our industry. Its funny people are being protected from profits.
Some more new came from India stating intentions of banning cryptocuerencies. The issue of cryptocuerencies is they are not bound by borders. You cant stop a good idea. Except with a better idea. Once we have decentralized exchanges how can anyone legislate cryptocuerency away.
Tell last thing I'll talk about which I believe iz the reason for the sell off.
- The Chinese new year
The sell off is mainly coming from Asia. Thats were most of the whales are. I think its just people selling to celebrate the holidays. If you look last year just before christimas there was a small dip.
My thoughts are February may be a tough month and we'll see some recovery towards the end of the month. Many of those selling because of fud will come back and they'll never sell again because they will learn the cost when the price starts mooning.
