Hello again Steemians...
Today we're gonna talk about the recent drop in Bitcoin price and other crypto coins.
The Reason??
China has banned exchanges and has scared the cryptocurrency market!
The price of bitcoin is down 23 percent from its all-time high of USD 5,000 on September 2 and it has lost a total market cap of USD 19 billion since then.
At the time of this post Bitcoin price has dropped to around 3,300 USD.
Other major crypto coins, such as ethereum, litecoin, bitcoin cash and monero have witnessed a double-digit fall over the past one week.
Even our beloved Steem dropped 16% in rate.
We know that speculation rumors and fear can bring a lot of uncertainty to the cryptocurrency world, it's up to you the final decision, but as we regard the past, when the Segwit came and big investors, whales, small holders and miners started to sell their coins due to being afraid of massive drops in price of cryptos.
That didn't happened, in fact, Bitcoin price reached all times value records that no one could expect, like reaching the 5,000$ mark.
I have reason to believe that cryptocurrency is gonna be used everywhere and anywhere, we have some examples like Japan started to accept bitcoin as a currency and formed regulations around it.
Recently, the municipality of Chiasso in Switzerland said that it will accept tax payments in bitcoin.
Experts believe that this is a temporary pullback due to the recent ban on initial coin offerings (ICOs) and bitcoin exchanges in China and the rally will continue once there is more clarity.
It should be noted that the country has not banned bitcoin and still allows for over-the-counter (OTC) purchase of the cryptocurrency.
The Chinese government understands well that like the internet, bitcoin as a whole cannot be banned as it is not constrained within the borders of one nation. The best that they can do is to regulate the businesses based on bitcoin, like cryptocurrency exchanges.
In the end it's up to you the final decision, I trust this technology and the coins around it, some more than others, I´m gonna keep mining them, exchange them and hold them, just like I believe in the future of Steemit.
I hope that you liked my post, feel free to upvote, share your comments and resteemit.
Thanks for reading!
@indiethecat
great article...i just tipped and followed u. can u do the same please :)
Thank you, I'm glad you liked it. I'll do the same. Keep updated for future posts.
ok just hit me up when u have new posts bro