No panic, please 🙌
1️⃣Mt. Gox trustee sold 8200 BTC, resulting the dump in the beginning of May;
2️⃣Bitfinex cryptocurrency exchange started to give out customer data to government;
3️⃣The raid on Upbit caused the short-term panic among investors.
⛔️Although UpBit’s fraud allegations were recognized as “misunderstanding”, many South Korean investors have lost their confidence in exchanges. And further Bitfinex has started to make problems for large investors, who want to avoid the attention of government and have begun to withdraw their funds.
💬And, as the crypto market capitalization is rapidly decreasing, media are spreading negative statements of infamous economists and investors towards cryptocurrencies. “Bitcoin has no any value”, “BTC price could drop to zero”… Surely, such words may impact the market as well. But for how long?
🔝Don’t forget, that governments of different countries now consider cryptocurrency as a great chance to develop inner economy. For instance, the Parliamentary Commission for Economic Affairs of Iran views the use of cryptocurrency as a viable substitute for the U.S. dollar and SWIFT’s interbank payment system. Argentina is going to Bitcoin for customers’ international remittances. The realization of these plans could make a positive impact on the whole crypto market.
📊But no one likes the uncertainty. The market is waiting for new rules and regulations to be formed, and after it happens the prolonged correction would be finally over.📉