You have noticed the price of Bitcoins and all the Alt-coins, it has gone down again over the past few days. Bitcoin notably has gone down to as low as USD8600+ then bounce back to USD9400+ at the time of writing this feed.
What has caused the drop in the pricing? There is no surprise that the drop was mainly due to FUDs again. There is news that sets off the flame of a sell-off.
- Binance exchange was rumoured to be hacked.
- U.S. Securities and Exchange Commission, SEC has stepped up to intervene the cryptocurrency market with a strict law.
All cryptocurrency exchanges have to register with the agency to avoid facing any regulatory actions. With the 2 news being made headlines, people are starting to get worried and short their position once again. Though short-lived, it is an excellent opportunity for those who were wanting to get in the cryptocurrency market or waited for the good price to add more coins to their portfolio.
Whether or not if the cryptocurrency market will perform well, it all depends on the cryptos that provide sustainable value to the world instead of just scamming away people's money. Such rumours/events are often healthy to flush out all the bad coins, whilst leaving the good ones in the game.