Anyone trading or investing in BTC knows its been a bumpy ride over the last few months. Today BTC came crashing down to 7750 EU per btc (at the time of writing this article). The decline has been steady since December but people were holding on waiting for a bounce back. Now will this bounceback ever come? It’s hard to tell. Many forces are weighing against Cryptos. Facebook just banned Cryptocurrency Ad’s, India’s finance minister seems to be on a warpath against Cryptos promising a crackdown on Cryptocurrencies. Is this the end of Bitcoin?
These are scary times indeed, Governments are banning Cryptocurrencies in fear of Tax Fraud, Money Laundering or protecting their currencies. Others speculate that the Crypto market is controlled by big holders and Crypto Miners but these are mostly speculations. What we know at the moment is that:
- India – Finance minister Arun Jaitley stated that Bitcoin and other Cryptocurrencies will not be accepted as legal tender. However Bitcoin trading will not be banned and the government will encourage blockchain technology
- South Korea – Finance Minister Kim Dong-yeon affirmed that Cryptocurrencies will NOT be banned. This comes following national uproar when the Korean government started a crackdown on Cryptos and shutting down a Korean exchange.
- January alone wiped $50 billion off the Bitcoin market cap.
- This is the lowest bitcoin has slipped to since October 2017
- Bitfinex is being subpoenaed by US Regulators, Tether is being investigated if Tether really holds One dollar per Tether, if they don’t then they actually pumped up the price of Bitcoin by buying Bitcoin with unexisting funds.
For now, no one knows where this will go. Bitcoin is currently at 7750 USD per BTC which makes many wonder if it will ever recover.
