A lot of factors has added to the fall of Cryptocurrency prices during this January month.
- The removal of South Korean exchanges by Coinmarketcap without giving them any notice was the first trigger
among users specially new users who were just entering the cryptocurrency revolution. As Approximately 120 billion
dollars were out of the market and the 3rd largest crypto trading country investors were left in confusion and panic. It
boosted a massive selloff.
- Crackdown and restrictions from various countries likes South korea and China have amplified the selloff as the fear
of complete shutdown of cryptotrading exchanges and the usual story of Bitcoin bubble continues.
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- Bitconnect a crypto exchange site shuts its exchange platform and lending services after they received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division”.
New Era of HOPE:-
According to me, we should hold our cryptocurrencies because of the follwoing reasons :
a) The Russian Ministry of Finance has drafted a new bill to legalize cryptocurrency trading on organized trading platforms and will submit it for a vote to the federal legislature in February, Russian media outlets reported earlier this week.
The bill would still need approval from Russia's federal legislature.
b) Various companies and banks have already joined blockchain services like IBM, Moneygram, SBI group, Deloitte,Axis bank etc.
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c) The bans regulating cryptocurrency is a natural tendency with a move to curb tax evasion so naturally traders invloved in blackmoney and tax evasion will cash out. Also government regulated cryptocurrency exchanges will be more stable and more safe.
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Let's just say the actual uptrend may be starting if Russia votes in favour of cryptocurrency in February or it will get delayed by a few months.