Tuesday, January 16th 2018
"You Hold It!" - Cryptocurrency Pricing Plummets as South Korea Revives Pressure
Cryptocurrency value has begun a tumultuous plummet since yesterday, in a market shrinkage that's being mostly correlated with an announcement by South Korean finance minister Kim Dong-yeon that a ban on cryptocurrency trading could still happen, pending a government review. South Korea is one of the world's most relevant economy and technology players, so a ban there could certainly start a domino effect in other countries.
""There are no disagreements over regulating speculation," minister Kim Dong-yeon specifically said - a move that would include a ban on anonymous cryptocurrency account, thus spelling doom for some privacy-focused cryptocurrencies like Monero and ZCash from being traded in the country, for sure. The minister also places a heavy value in being able to tax the income made on virtual currency, and added that shutting down the exchanges was "a live option but government ministries need to very seriously review it."
Ethereum, for one, has fallen by some 17% since yesterday, down to some $1,109 from a close to an all-time high of $1,418 only yesterday; Bitcoin has shaved some 16.6% as well, down from yesterday's $14,403 to a $11,303 low, which certainly started a fire-sale of the cryptocurrency from less hearted holders. But the move has affected the entirety of the crypto and alt-coin market.
However, for all those that are already spelling doom, gloom, and lives ruined for speculators and the average housewife who just wanted to earn a little money on the side, hold ye screams of rage. In fact, this isn't something new; and I'm not just speaking to the crypto market's known volatility as it is. Looking back on historic Bitcoin pricing, we see an interesting trend; the queen cryptocurrency shed more than 50% of its value (from $295 down to $178) between January 9th and January 17th 2014; $461 down to 360$ in the same period of 2016; and from $1200 in a massive 37% downturn to $762 between January 5th and January 13th 2017. Once a pattern does not make; twice, still not; but three years in a row with all of these pricing dips all in roughly the same time-frame could a pattern make. Interesting to note, at the least. There's no conspiracy there; it's not like the crypto market hasn't seen some convulsions regarding price-fixing conundrums around the defunct MtGox. At all.
Sources:
via TechSpot, CoinMarket Cap
""There are no disagreements over regulating speculation," minister Kim Dong-yeon specifically said - a move that would include a ban on anonymous cryptocurrency account, thus spelling doom for some privacy-focused cryptocurrencies like Monero and ZCash from being traded in the country, for sure. The minister also places a heavy value in being able to tax the income made on virtual currency, and added that shutting down the exchanges was "a live option but government ministries need to very seriously review it."
Ethereum, for one, has fallen by some 17% since yesterday, down to some $1,109 from a close to an all-time high of $1,418 only yesterday; Bitcoin has shaved some 16.6% as well, down from yesterday's $14,403 to a $11,303 low, which certainly started a fire-sale of the cryptocurrency from less hearted holders. But the move has affected the entirety of the crypto and alt-coin market.
23 Comments on "You Hold It!" - Cryptocurrency Pricing Plummets as South Korea Revives Pressure
Other than that, spot on. Good article. I especially like the use of yoda-speak when commenting on the paterns at the end, hehe.
things are not as they seem.. : )
trog
Yoda speak is awesome!That's definitely true of the market mentality. However, the selling has to start somewhere, or with some event; be it South Korean warnings, players gaming the game, or a big player being strapped for liquidity, it all has a beginning. The "buy the dip" mentality you refer is the rebound part of the market movements, indeed.
I tease.
But then Yoda would say that leads to the dark side of journalism... (I mean, Darth Plagueis just screams "plagerism" does it not?)
I need to go nerd out in a corner, sorry.
trod
techcrunch.com/2018/01/15/researchers-finds-that-one-person-likely-drove-bitcoin-from-150-to-1000
EDIT: Someone fixed the "hodl!" No! That's a meme you bloody spellcheckers, is nothing sacred?!
all in all a big pull back based on f-ck all.. the way it all moves in lock step with bitcoin makes me think it has to be engineered.. those in charge didnt want to crash things too much..
a few more hours should confirm what i have just said.. panic over.. i aint happy feeling this sh-t is engineered but as long as the long term general trend is upwards as a hodler i am happy enough..
trog
ps.. yep one hour later in a perfectly engineered fashion bitcoin is up to 10800 and in perfect lockstep everything else is following it.. he he
I don't mind capitalism myself ,shit i live it and yet its pushed the price of an escort cossy out of my hands and the focus rs too , but I saved some time and made do with an escort s2 turbo ,do i hate cossy driver's hell no. The gits.
Don't get too excited. Enough money is involved now that if you yanked it all out at once, you'd have a new recession.
time for folks to catch up here as well.. the crypto "correction" is now over and bitcoin is at 12000 dollars or so.. bad new for the haters and good news for the hodlers.. :)
trog