Cryptos Land: Market Down : A Correction or FUD?

Tuesday, 16 January 2018

Market Down : A Correction or FUD?

Crypto market got hit by the recent news coming out from China and S.Korea on their crackdown on crypto currencies. These announcement have created a lot of FUD among traders and most of them are cashing out.

China again comes in spotlight as it plans to ban Bitcoin mining operations in the country. As of now majority of Bitcoin mining is performed in China thanks to cheap electricity. Few months earlier, China sparked concerns in Crypto industry after it banned ICOs and exchanges in the country leading Bitcoin price to plunge.

As Bitcoin price plunges due to Chinese impact, it took with it most of the Altcoins, since Altcoins price are deeply linked with that of Bitcoin. Out of top 10 Cryptocurrencies only NEO performed well with a gain of 10% at time of writing.

Ripple, the popular Altcoin that surpassed Ethereum in Marketcap recently shred the most loosing about 13%. China is not yet done with clamping down on Cryptos and the week is not over. On the other hand, the FUD spread regarding overall  Crypto market as a bubble, and regulation from S.Korea. All these factors have contributed to a major downturn for the prices of Cryptos.

On the other hand, some exchanges have temporarily halted new registrations on their platforms as they cope up with the recent traffic increase on their platform. This include some top 10 Crypto exchanges and this factor is also preventing new money to come into Crypto.

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