Cryptocurrencies Bear Market: The Verdict is OUT!
Two months ago we were all silenced by the price rally of not just Bitcoin, but virtually all crypto projects. We urged you to take profits, especially when my maid told me she just opened an exchange account (at Bitcoin $19,000), as we saw this rally defy gravity.
Today, there’s a totally different sentiment clouding the markets, which highlights the importance of making sure to ALWAYS take profits.
Since Bitcoin peaked at $20,000 in December, the cryptocurrency market has been undergoing a legendary pullback in price and its overall market cap.
One of the causes for the meltdown is rumors of cryptocurrencies being banned in South Korea and India.
Fear that one of the biggest markets in the space, South Korea, would ban cryptocurrencies and its exchanges, is crippling everyone.
This type of news has triggered previous price pullbacks – once prices start falling, the self-fulfillment of a market pullback is hard to stop, and that’s exactly what’s happening.
CoinMarketCap removed the data representing South Korean markets without warning, which also gave the illusion of a market crash.
In India, which could potentially become one of the largest cryptocurrency markets in the world, statements reveal that the Indian authorities do not deem cryptocurrencies as legal: “The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore use of Blockchain technology proactively for ushering in digital economy,” Finance Minister, Arun Jaitley.
Then, what is alarming to Pure Blockchain Wealth analysts is the Bitfinex/Tether situation as well – it has been revealed that Tether and Bitfinex were issued a subpoena in early December 2017. With this news literally hitting the markets days ago, it triggered another sell-off.
Many of the flagship cryptocurrency exchanges use USDT, and if it is discovered that USDT does not have enough U.S. dollars backing it (the 1:1 ratio it promises), this market correction could be just the beginning.
Lastly, the Bitcoin futures market is allowing institutions to place a heavy short position against Bitcoin in an attempt to drive the price lower – this will allow us to buy on market panics, when the price is low.
Using the futures market to influence prices with leverage is done with practically every commodity on the market.
Add these to the fact that Facebook recently banned all cryptocurrency-based advertisements on its site.
Now’s the time to remain disciplined and to create your shopping list – Pure Blockchain Wealth will publish its Top-Tier report on our top 5 coins, when the bottom hits. There is NO bear market, but there’s certainly a deep correction after all the massive gains.