Business 18 January 2018

Cecille de Jesus

Cryptocurrencies bounce back up after gut-wrenching nosedive

China and South Korea started a quake; BitConnect went all in with a landslide.

Everything was red.

The past few days have been shaky for HODLers as cryptocurrencies started dropping early this week after news of China purging not only cryptocurrencies but mining operations as well made the rounds. Incoming regulations from the South Korean government—as well as a false alarm on an all-out ban which was later on redacted by their executive office—also contributed to the drop.

South Korea houses some of the biggest crypto exchanges and holds the third biggest market for BTC, with citizens also favouring Bitcoin Cash (BCH) and exchanges selling them at a premium. China, on the other hand, is home to several miners—Chinese miners make up around 79% of the legacy chain’s (BTC) global hash rate.

But Wednesday was particularly rough—as a drastic, panic-inducing crash by about 40% all across the board went on. The plummet came after fanatic-ridden Bitconnect announced that it is shutting down its lending and exchange platform, as cease and desist orders were handed both by the Texas State Securities Board and the North Carolina Secretary of State Securities Division. Apart from this, the company blames “bad press” as well as alleged DDoS attacks against the platform.

Cryptocurrencies bounce back up after gut-wrenching nosedive

From a high of over $472 three weeks ago, it now trades at a puny $27 value; its market cap—from a high of $2.85 billion towards the end of December 2017 now sits at $246 million. And it seems that the scam scare has taken down the rest of the cryptocurrency trading board with it, although only temporarily.

Cryptocurrencies bounce back up after gut-wrenching nosedive

Cryptocurrencies are now bouncing back from the crash, and it may only be a matter of time before rates get back to their pre-crash values from last week.

Additionally, January is historically a crash season for cryptocurrencies, with the pattern being consistent for BTC for years.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

BTC transaction volume hits two-year low – CRYPTOTIMES.MOBI

[…] volume. Some say it’s due to a drop in interest after a string of unfortunate events, scam scares, and allegations of trade manipulation shook the cryptocurrency market down in the past few months […]

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Smells like Mt Gox: Tether fears mount amid auditor fallout and anonymous ‘Tether report’ - Coingeek

[…] from all cryptocurrencies even when none of the others are even remotely involved. Case in point—cryptocurrencies across the board all went on a nosedive when Bitconnect (which had Ponzi written all over its cult personalities from the very beginning) […]

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Over 220,000 petitioners want Seoul to stay away from cryptocurrency markets - Coingeek

[…] news sent price of cryptocurrencies crashing by about 40 percent across the board on Wednesday, and by Friday evening, more than 220,000 peoplealready signed the […]

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CoinEx pioneers Bitcoin BCH-based trading - Coingeek

[…] cryptocurrencies bouncing back after a brief series of corrections in the past few days, a BCH-first trading platform like CoinEx […]

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