Over the past week over 200 Billion has been taken from total MCAP due to a series of events. Let us look at what is happening currently to be able to assess the whole situation.
It all started when these embellished articles hit mainstream media.
SBS News: "Concerns about national shock" Closure of virtual currency exchange
Reuters: South Korea plans to ban cryptocurrency trading, rattles market
Reuters: Uproar over crackdown on cryptocurrencies divides South Korea
Thankfully, Korean apology followed by a sudden jump back in market prices.
Reuters: S.Korea presidential office says ban on cryptocurrency market not yet finalised
CCN: No Cryptocurrency Trading Ban, South Korea Government Confirms
CNBC News: South Korea Cryptocurrency Justice Ministry Softened Stance
After all that FUD has been cleared out the underlying market psychology was like an awakening from euphoria. At this time, the over inflated coins such as TRON, Siacoin and Bytecoin were a bit weeded out. Usually this is the case is when people sell out due to the panic and don't come back to the coins they sold but instead they chose other coins that they deem are much stronger.
Another example:
Bob bought Tron at 18 cents. He sold it at 11 cents at a loss due to panic. When markets went back up in such a short time Bob was too late to buyback as Tron is already at 12 cents. He chose another coin instead. Don't be like Bob.
However, a week after, it has again been aggravated by this delayed news:
Express UK: Bitcoin and Ethereum plummet as South Korea decides on total crypto shutdown
This report was posted when all the world knows that the ban is currently postponed and also most likely not going to happen due to the backlash of South Korean citizens. They are even considering firing the head of the Ministry of Justice.
Also, 2 days from now the "event of events" with regards to blockchain in South Korea will push through with top of the line speakers.
If ICOs and crypto trading was banned then this event would be postponed as well. As you can see they are open arms to blockchain.
But then again the double take...
Bitcoin Under Threat of "Huge Regulatory Risks,' Says Bell
Bloomberg: Bitcoin Under Threat of "Huge Regulatory Risks,' Says Bell
Where have we heard something similar before?
Another orchestrated move
Putting our conspiracy theorists hats on, there is a possibility this might be a well planned series of moves that coincide with the fact that most US stock prices are overinflated and investors are selling some of their stocks for fiat and of course finding or manipulating an entry point to crypto markets. Remember that not too long ago, Jamie Dimon (JP Morgan) bought the dip he made.
It is a saddening fact that the crypto markets are still affected greatly by this and also a learning point for newbie investors. On a new and emerging asset class, usually there are still a lot of new players in the scene plus plenty more coming up. These new players make brash decisions at the wrong timing. At 700 Billion MCAP days ago, the crypto market was just 1% of the total worldwide stock markets and now it is at 526 Billion MCAP at this time of writing.
Right now is another shopping spree just as it was last September 2017 as this is in fact deja vu. Be educated, well informed and get those strong hands ready or else the whales will eat up your coins.
The Crypto market will recover as it usually does and right now will be a faster pace of recovery.
