Something just doesn't seem right. I have looked around for some reasonable explanations as to what is happening in crypto land in the last couple of days and I'm baffled.
How is it that pretty much every coin is going through the same looking down turn? I realize anyone's input is just speculation, but I don't see much analysis or speculation going on.
So, there are a few reasons as to why this is happening!
South Korea claims are scaring people off. Whenever a country makes an announcement about their stance on cryptocurrencies, the market becomes bit hectic. It doesn't help that big influnecers and online journals are making posts saying "South Korea Bans Bitcoin" which is also scaring people.
China's new stance on cryptocurrencies and BTC mining etc also provides negative press.
Bitconnect closing is having more of an effect than people realise: there were so many people with money in Bitconnect (I steered well Clear of it) that lost money. I'm sure that they are all pulling from their portfolio To Help support themselves monetarily.
We had just seen a huge bull run, a pullback was needed. I think what happened Was The pullback was exaggerated due to all of the other news I mentioned, it should all go back to normal soon enough!
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Good points.
I stayed clear of Bitconnect too. Never seemed right to me, so I'm glad I stuck with my gut on that.
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Happy to hear that! Agreed, I work full time in cryptocurrencies and had a few friends who warned me about it before I looked in to it.
I'd love to chat more and maybe get your feedback on some of the content that I'm putting out, as I just started a new blog series on my pages! Are you on Steemit Chat or Discord?
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I'll check in on your blog. I stay away from the chats simply due to time. I monitor a hand full of project chats already and those are distracting enough, lol. People keep poking me to hop on, so I should probably do that...
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Thank you! Any feedback would be really appreciated. That's completely understandable - I imagine you would get a lot of messages!
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Would you buy into the annual pullback?
It appears that Cryptos like to stage a collapse each January...it happened the last 3 years and this is number 4.
Personally, I feel this is Wall Street still getting adjusted to the crypto world. There was so much money poured in quickly that they are not conditioned to shrug off 20% declines. Do not forget, the stock world, that is a crash. Here, it is a lunch break.
Over the next 6 months I think we will see things start to settle down as people get accustomed to his industry. There are so many new players that they get fearful at what they perceive to be a big move down which causes panic selling.
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Interesting. I didn't know about the annual pullback. I think the other points make sense, but I do think it is strange how uniformly the drops seem to sync throughout the coins.
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I would definitely buy into an annual pullback if I planned on it. I don't have the USD to put in right now and I bought in last week on the exchanges. I can only hodl.
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Crypto land is so new and so fresh that people aren't really aware what is happening and how they should react to it. The people who are aware are a very small percentage. It doesn't make any sense every coin to be down 20-40%.
Another thing is that Bitcoin is calling the shots, Everybody was looking for the 12,000$ support and 10,000$ support - now we have broken these support levels, people get uncomfortable and slowly start to realize that "the loan for Bitcoin" isn't going to work out.
Herd mentality is yet another factor for all of this.
Let's not forget about the political issues that crypto is facing - China, South Korea, Europe is also starting to grow uncomfortable with the size of it.
When we add the 10-20-50-1000x gains - you have it. Some people are cashing out their gains, others are cashing out out of fear.
You can check THIS and THIS. I hope this helps.
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Cool. What's with that dude flagging you? lol. Sorry, the article is good, but I got distracted by that. I checked dude's blog and what a flop. Ugh. Anyway...
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I was reading another article saying there's been the same large drop just before the Chinese New Year for the past 4 years.
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Definitely never knew this before. It is strange how well synced the pull back is across the coins.
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It's not unusual for whole stock market segments to move up and down together, and I know there is usually a little profit taking before Christmas here. There are 3 major Chinese holidays in January and February.
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https://www.reddit.com/r/CryptoCurrency/comments/7qqfcz/everybody_relax_heres_the_reason_for_the_dip_and/?utm_source=reddit-android
That's the Reddit post I was talking about.
It might be true that the overall market is down, but it is to different extents with the altcoins.
Look at SIA. It's up for the month still. Decentraland and SmartCash are doing quite well.
Unfortunately, those aren't coins I'm holding. Just BTS. :) Thanks for the full upvote. :)
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They don’t want to see us win #HODL
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lol! nice find on that hodl image
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I really like that too. I wish I knew where it came from, but alas, its an internet meme. They are for stealing. Not sure if the signature on it is valid.
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Asking for votes or follows get flagged. It's spammy. Good comments will get possible votes or follows.
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Asking for votes or follows get flagged. It's spammy. Good comments will get possible votes or follows.
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Asking for votes or follows get flagged. It's spammy. Good comments will get possible votes or follows.
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