So almost all kind of Cryptocurrencies have been crashing since the last 24 hours. As I type, BTC is under $12000 and others are seeing anywhere from 5 to 25% decline.
BUT DONT WORRY - THIS HAPPENS EVERY YEAR IN JAN
The reason for this seems to be the Chinese New Year. People want to buy expensive gifts. Hence the selling will happen. Every year in Jan - see the chart below
This chart was uploaded on twitter by Yaser and is self explanatory. I did some digging on CoinMarketCap and had these results
So i guess we can all keep calm and let the time pass :-D
You can thank me later :)
It is so true. End of January always the time perhaps the people in west also broke from the holidays, need cash, and weak hands are also shaken out ...end of Jan is the true shakedown such is the volatility of the crypto market. Volatility caused by simply the fact the market is a fraction the size of something like NASDAQ ... but growing fast!
Well said
Thank you sir, followed :)
Expected but not supprising. Also heads up for sharing it because most people don't know about it.
Cheers man
Normal occurrence. Thanks for sharing
The pleasure is all mine :)
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Thanks for posting. Good time to buy :)
Good data mining. If the trend follows the usual path, then eventually the crypto space will go up from here in a matter of weeks. Must be taken as a buying opportunity then :D
So, the news of planned banning of Centralized Trading as well as Mining in China and comment by South Korea's Finance minister yesterday to still consider banning of cryptocurrency has nothing to do with it??
A lot of report on twitter are saying that the china ban thing happened 3 times in the past one year. The latest one is being highlighted a lot. As for korea, lets see. Even Indian minister have said the same thing. Fingers crossed
In India, I think government has created a committee to suggest what should be done. Regarding china, They have banned ICO's offering last year. So, they may be banning mining sooner too, because electricity is a major factor in the development happening across China.
Thanks for sharing this post.