right now, bitcoin and the complete altcoin market is taking a beating.
it’s no longer even a bet as to what is inflicting the selling stress, it’s miles very clear.
china got here out some weeks in the past and banned icos.
upon first glance that seems like it might be excellent news. the ico markets had been awash with fraud and shysters after the quick dollar. an excellent cleaning of those markets could be amazing for the industry.
but, china wasn’t done yet.
quickly there after, rumors commenced circulating that china would quickly be shutting down all the home cryptocurrency exchanges over there.
as you may photo that news became pretty frightening and the costs of most cryptocurrencies have been trending decrease ever considering.
then these days we got a few verification on the ones rumors as news came out with very credible assets that says china will indeed close down all the local exchanges via september thirtieth.
a few frightening news certainly!
now that we have some of the backstory out of the manner, here is why i don’t assume it’s far that massive of a deal.
china presently is/become more or less 15% of the complete cryptocurrency markets in terms of quantity.
now not an insignificant amount but also no longer the whole crypto markets either.
also, the otc markets for bitcoin etc will stay open.
meaning that the rich in china will nonetheless have the option of proudly owning bitcoin through the otc markets in the event that they so preference.
then there may be the black-market which i am positive some will gravitate closer to to get their palms on some cash.
however, the large motive why i suppose now’s a buying opportunity is due to the fact the promoting stress is market dynamics related and no longer basics associated.
what i imply through that is that the chinese exchanges have been told that they’ll be shut down with the aid of september 30th, this means that they simplest have some weeks to liquidate their complete holdings in any other case they chance being “stuck”.
this is exactly what we are seeing these days.
buyers in chinese exchanges are looking to sell the whole lot they can, at the same time as they could.
that isn’t a essential alternate with bitcoin or the crytpocurrency space, it’s miles a one time occasion.
because of this i suppose that any weak point in bitcoin, steem, or any of the alternative fundamental crytpocurrencies is a buying opportunity over the next couple weeks.
i don’t suppose this chinese language information is permanent.
i suppose most likely the chinese authorities will determine out approaches to alter digital currencies an awful lot better and then when they have a better take care of on things they’ll reopen the cryptocurrency exchanges that have the proper licensing and so on.
when that occurs, it’s going to possibly be some other “gold rush” type of occasion inside the cryptocurrency space again as the ones exchanges will once more be buying the entirety in sight attempting to build up their inventory.
the ones are my thoughts as a minimum.
stay secure out there my buddies.