Today is March 8, 2018 and we wake up to the news that the cryptocurrency market has taken another hit going from roughly $425 billion to $375 billion. We believe this was mostly due to some 'f.u.d.' about trading irregularities based on hackers possibly exploiting API keys on Binance. (You can read the full stories on other sites ). Throughout the day, it seemed as though this wasn't something caused by Binance & their CEO did come out and address it quelled some concern.
Secondly, but NOT separately and is an ongoing issue: Coinbase is dealing with 2 lawsuits and that there had been insider trading, one of them involving the process of adding "Bitcoin Cash" as a new currency.
Coinbase & Binance are 2 of the biggest exchanges to purchase cryptocurrency on, and also where many begin their journey of investing in it.
It begs the question: How long will we be in the doldrums before the long-term adoption of cryptocurrencies & blockchain?
...Especially when the 2 biggest exchanges have these types of issues to address. I personally believe in the 2 companies in question but I am an investor in this market & also have extensive use both platforms. For the new investor, whether they hear about this now or potentially research this before they take out any positions in cryptocurrency, these are undoubtedly bad optics.
Considering the time period (beginning of 2018) we now have hit all time highs in all major investing category totals: market cap, volume, amount of currencies, investors)...everything!! Yes, there has been a little bit of pull-back but the time period the most activity and volatility had occurred up until this point was Q-4 2017....which just happened. From a new investor standpoint it must seem like making your coffee in the morning only to spill it all over yourself in the car braking for a redlight on your way to being late for work.
Right or wrong some things need to be taken care of in the short-term so that the new investor feels this is a secure option for the rest of 2018 and in the future.
Love to hear your thoughts!!
-Kapitl V
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thank you so much!
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i just pray they find solution...
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Hi, and welcome to the steemit community, helping make steemit a better place.
Your Post has Just Been Upvoted and Resteemed By @cryptoscout, make use of my resteem service in future by sending 0.001 SBD and post link as memo to @cryptoscout.
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In a way, it is a good thing that all these problems are addressed now before mass adoption occurs, yes we might be feeling it in our pockets but at least we are clued up to know what is going on. Newbies would be selling everytime they hear bad news which would harm the ecosystem even more...
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very true. fix it now
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Interesting piece of Common Sense, Thanks.
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