As you may already be knowing, the cryptocurrency market responded negatively to the FUD spread by the Chinese, Charlie Lee and JP Morgan news. Bears were all over the market.
Bulls definitely had some days off to graze in the distant grasslands while the bears went head down on Bitcoin and alt coins. The FUD (Fear, Uncertainity, Doubt) in the market was quite visible and people sold in panic, brining prices down to great effect.
The smart people, with money in their pockets, were in the market looking for sale items. Great coins like NEO, OMG, Civic, Bitquence, Stratis, and Walton etc. etc. were available at minimal prices.
Walton already doubled and is well above the lowest price at the moment. Civic has since gained much and is well above its lowest point. LomoCoin doubled in 24 hours, making huge returns for the holders. Rest of the alts are gaining back their momentum.
Correction, Not Crash
A coindesk article has attributed the fall in price of Bitcoin to correction, not crash due to the market news. The article does offer a logical views as a price of $3000 is being expected. It's for us to see if the ideas matures or not.
Bitcoin has been on the receiving end for more than a week now but the support is getting strong. The alt coins have begun to be back in the green zone while Bitcoin's correction remains to be seen.
Disclaimer:- The article is not intended to act as financial advice. Make your decisions only after your own research.
Do share your thoughts and please resteem this post.
Just a Correction! Check out my Twitter Thecryptohype! You can see the FUD caused by Banks & Governments, they always do this! It's their time to buy-back all the Crypto
I'm inclined to think the same way as well. That's what my previous two posts mentioned as well. I see a conspiracy to bring down the price to benefit their own sleves and investors who are with them in this bringing down.
They always try to do that. I agree. Sabotaging cryptocurrency serves them well.
Steem was holding up well yesterday, even up 5.0% in the storm for awhile, but yeah it's took a hit now, i guess for a few days. Ethereum classic and some others really tanking.
Steem did hold up nicely but the drop has been massive.
What's encouraging is that the Satoshi value has not taken much hit and even if BTC remains down, Steem will move up in Satoshi value as well as USD value to be back to its normal price around $1.50 these days.
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