A crypto coin market crash has happened, with the value of nearly all major
coins dropping in the last 24 hours. This trend started when it was
announced that Steemit’s market price had dropped from $1 to $0.2. Most
experts agree that this occurrence shows that there is a bubble in the
cryptocurrency market and that prices are likely to drop even further before
they recover, if ever. If you want to get into investing in crypto coins, now
may be the best time to do so, but don’t invest more than you can afford to
lose, as you may never see those funds again!
5 Recent Reasons why the market is crashing
- Goldman Sachs CEO Lloyd Blankfein has expressed his negative stance
on Bitcoin for a long time now. In October 2017 he stated that something
doesn’t feel right about cryptocurrencies like Bitcoin and Ethereum. 2.
E-commerce giant Alibaba is entering the blockchain industry in a serious
way with Ant Financial's new blockchain-as-service platform called
Singularity and its plan to create 1 million jobs over the next three years
focused on AI and blockchain technology.
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EOS Mainnet Launch
The EOS mainnet is scheduled to launch today at 2:00 UTC. Prices for
EOS have already been dropping in response to a key piece of information
about when exactly block. One’s CTO Dan Larimer will be releasing his
tested results—which are expected to show that his delegated
proof-of-stake algorithm scales and can handle 10 thousand transactions
per second.
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SEC Decision on ICOs
The SEC announced its first-ever enforcement action concerning an initial
coin offering (ICO). They said that tokens sold by a virtual organization
called The DAO were securities and therefore subject to federal securities
laws. This decision may affect your ICO or other investment activities in
cryptocurrencies if you are a US resident. The SEC's report on its
investigation also states that tokens from one ICO were found to be
securities, and other offerings have used improperly marketing claims such
as get rich quick to market their coins.
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China Bans Crypto Trading
The Chinese government and financial authorities have introduced a
blanket ban on all forms of cryptocurrency trading in China. A statement
from BTC China, one of China’s leading bitcoin exchanges stated that after
carefully considering how to approach and regulate cryptocurrencies, it had
concluded that a ban was necessary. This decision comes at a time when
all major digital currencies have collapsed by 25% or more in value over
recent weeks.
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Facebook Banning Cryptocurrency Ads
Facebook will no longer allow ads on its site that promote cryptocurrencies
and initial coin offerings. We want people to continue to discover and learn
about new products and services through Facebook ads without fear of
scams or deception, Rob Leathern, Facebook’s product management
director, said in a post announcing the change.
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India's Central Bank banning Cryptocurrencies
This morning, India's finance minister Arun Jaitley announced in a speech
to parliament that India's government is planning to eliminate
cryptocurrencies like bitcoin from its payments system. Officials will
reportedly create their own digital currency instead of allowing people to
use existing private money.
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