From trending posts to shitposts, everyone is now sharing their views about decreasing values of cryptos. This one is such a small post. There are many reasons why the price of steem is moving downwards. Yes, there are several reasons and the process is too complex that I dont really know to craft a technical post out of it.
A respectable personality of steemblockchain who was responsable for the entry of so many people into steemit, @jerrybanfield, has opined that it is the increasing trend among whales to downvote others posts rather than upvoting them that made the price of steem this cheaper. That post was on trending for few hours with a dollar value of over $1100 before it was brought down to current $187 due to the rush of powerful downvotes. Remember that a post on trending page can shape the perceptions of thousands of laymen who read it. If it is not authentic, it has the power to eventually destroy the platform! I'm happy that many comments under that post cleared many doubts!
Some say the values are lower because of the value of bitcoin is lower!
Some other say it is a reflection of what is being happening in the international political arena. Infact, the thing is that nobody is sure about what is going on.
But I do know that cryptos are volatile and we cant expect the values consistently to be in high or low. It changes because of various factors which are not in our control.
Adding fuel to this dilemma, in India, crypto exchanges have been banned from banking services which will come to effect from the july 5th! Many indians have already started to panic sell . Considering the low prices and the special situation existing now, many of them have ended up in huge lose!
There is no legal ban in india on the trading of cryptocurrencies. Also prices will hopefullly return to a higher value in future. Please don't panic sell believing in the frauds!
WIshing you all a massive profits!
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@sathyasankar yes india will not ban. But some people comes in panic very early. India will make it legal. What do you think about legalling process in INDIA?
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Yes it should be legalized. The government has still no good idea about blockchain and cryptocurrencies. I hope things will change within few years.
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@sathyasankar our government is not even ready to get idea about blockchain and cryptocurrencies. They are just taking steps without any study. I hope INDIAN government come up with some good news.
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Hey @sathyasankar, I am from India too. It is a test for all Indians whether we could withstand the current crypto situations.
I recently found an alternate exchange which has introduced peer to peer crypto transactions. This way we can continue performing crypto transactions after 5th too. Have a look at it here.
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