Guest post: Michael Lunegr
Since the start of 2018, cryptocurrencies have experienced a volatile market! As of this morning, the 10 largest cryptocurrencies by market capitalization have experienced two-digit percentage losses, and that’s just the tip of the iceberg.
On the other side, South Korea’s crypto ban might be real. This comes after a statement issued by South Korea’s Office for Government Policy Coordination stating that the cryptoasset crackdown is closer to rescue a “bitcoin mad country”. However, the office said, the final decision will be made after sufficient consultation and coordination of opinions”.
On January 11, Coinone and Bithumb offices which are among the country’s massive cryptocurrency exchanges were raided by police being alleged of tax dodging. It’s the same day, the South Korean government was reported to prepare a bill to ban crypto trading. These were signals that South Korean crypto doom is coming. Today’s remarks from South Korea’s Office for Government Policy Coordination alarms on a crypto clampdown that will arrive shortly.
Furthermore, panic is over Bitcoin which fell as much as 16% earlier, falling through both $13000 and $12000 levels. However, there is a slight recovery! Bitcoin’s decline frightened the market while other coins selling off. A forex market analyst, Fawad Razaqada called the sell off a “cryptocurrency bloodbath” but insisted: “the suggestion that this is the start of the demise of cryptos is very immature”.
Take a look of the scoreboard as of 2:00 p.m. GMT (9:00 a.m. ET), per Markets Insider
- Bitcoin is down 15% against the dollar to $11,586.29
- Ethereum is down 17% against the dollar to $1,050.46
- Ripple is down 21% to $1.30
- Bitcoin cash is down 21% to 1,877.15
- Cardano is down 22% to $0.62
You can check the others here
Somewhere else in the crypto space, the world’s leading independent international financial consultancy, deVere Group disclosed a plan to launch its own cryptocurrency app while its founder and CEO, Nigel Green says: “Traditionalists who declare cryptocurrencies “a fad” are akin to King Canute trying to command the tides of the sea to go back”.
Regarding today’s crypto market crash, what would the 2018 cryptocurrency rally look like?