Welcome to the Morning Edition of The Cryptocurrency Novice Report for Tuesday January 30, 2018.
It's the Morning Report, so it's time for another edition of...
A Word to the Wise
It seems that there are an unlimited number of Bitconnect clones out there and today we are featuring another one. Hmmm, maybe I should change the name of this feature to Another Bitconnect Clone Scam? Anyway, today's scam is, as mentioned previously, another Bitconnect clone called Ethconnect.
Like all the other Bitconnect clones, Ethconnect plans to make you rich using their super secret trading bot to trade Ethconnect coins you lend them. And like all other Bitconnect clones, Ethconnect is really just a giant Ponzi scheme.
A Word to the Wise, avoid Ethconnect at all costs.
The Report
This morning we see the broad cryptocurrency market continuing it's recent downward trend. With coins in the red outnumbering the coins in green by a 10 to 1 margin, it's hard to find much good news.
Coming off a very good weekend when Bitcoin managed to break above $12,000 briefly, Bitcoin has fallen steadily and is currently at $10,490 down about 7% from yesterday morning. Having spent all of last week above the $10,000 support level, we will see if Bitcoin can stay above this important threshold.
Steem is having a rough Tuesday. Currently it is at $5.14, down almost 14% from yesterday morning.
SBD is likewise getting beat up pretty bad today. Currently SBD is trading at $5.72 down over $1 from yesterday or almost 16% in the last 24 hours.
Stay tuned for the afternoon report where we will see what the whales have done to the supply of liquid Steem from last week.
Please note: I am not an investment professional. The information I present here is only my opinion. Markets go up and markets go down. This is no time to panic. This is not the crypto Armageddon. Sell wisely, not in a panic and as always, search for some bargains to buy.
Until next time...
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