Why is it? China FUD once again on top of the South Korea FUD. China is looking to ban centralized cryptocurrency trading. In other words - nothing new.
Chinese governments continue their mission to destroy prosperity and innovation as governments do. Typical for communist leaning governments such as the Chinese is that they are cutting edge when it comes to destroying and inhibiting growth, tech and free markets.
Bloomberg reports that Chinese authorities are considering to block domestic access to centralized platforms.
This is however NOTHING new. First of all, I wrote about this yesterday, so it's hardly news. Second, this has been their plan for a year, so if anyone is surprised by this..there is no hope for you. Sorry.
Down 22% as we speak
ALL the major currencies are down 15% or more. Steem is in free fall, going down more than 31%.
If there is any positive news, it must be for Bitcoin hodlers, as Bitcoin is showing some good resistance and is in the top 10 coins falling the least. Only Bitconnect and Gas are in the green among the top 100 coins.
And as this happens, investors are buying up powerplants in Russia to mine cryptocurrencies. And in general NOTHING fundamentally has changed. Until further notice, this is a big correction due to fear in the market. I suspect once again that it is due to a VERY low average age of investors (some are even children) which makes it easy to manipulate due to their lack of skill and knowledge of how markets work.
I mean, reading bitcointalk forum people are complaining that coins aren't going up 100% weekly, like someone promised them that? It's just a very very immature market.
I urge you strongly to hodl, and do something else. There are no fundamental changes. And no major negative news out.
I know what I'm going to do.. I'm going to mow snow for the rest of the day, and get some exercise. Because there ARE more important things than Blockchain technology and making money. Enjoy life and don't let the stress and panic get to you. I've been investing for so many years, so I only get a minor headache by these things - even though the amount of potential money I've lost today is staggering. Just ignoring it.