According to cointelegraph, a piece published in Chinese social media website Caixin revealed that China plans to shut down a few exchanges, as part of their plan to ban ICOs. As a result, the entire market is in red again.
If I would be in this thing just for a few months, I would probably have the same knee-jerk reaction, selling in panic. But given the fact that I've already seen similar approaches from the land of the silk, I just think to myself: "whatta wonderful time is this to buy...".
So, for those who are a bit more worried: China has a consistent track of pushing the crypto market in various ways, only to release the pressure a few days, weeks or months after. I have yet to know the reasons it does that, but that's how it plays. A similar exchange ban happened this spring, when OKCoin was stopped. Activity resumed after a couple of months, and one of the results of this ban was actually positive: wash trades (trading your own money, anonymously, to manipulate the market) got the eyebrow, so the price followed a more predictable pattern.
So, even if STEEM lost about 13% in just a couple of hours and Bitcoin almost 8%, I dare to consider this just FUD.
Which, if you don't know, comes from: Fear, Uncertainty and Doubt.
Or, in our case, Friday Usual Dump.
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