The South Korean Cryptocurrency Panic, Chinese Bitcoin Exit and Potential Market Ramifications


 

***A quick note to readers***

Overnight, Coinmarketcap.com decided to exclude the prices of cryptocurrencies listed on the South Korean Exchanges. There was no apparent warning. And many conspiracy theories have been offered, including foul play.

The fact that one of the most popular crypto-market information websites did this is odd, but may be appropriate. I’ll explain.

Coinmarketcap has always been slow and secretive, sure.

Coinmarketcap.com’s website information is “guarded.” It has Panamanian Administrators according the Scamadviser website. Okay.

These are the excluded exchanges from Coinmarketcap’s calculations.

  • Bithumb
  • Korbit
  • Coinone

Currently, the above exchanges account over 46% of the ripple market alone — according to Coinmarketcap.com. Have you ever asked yourself why?

Always remember to use more than one source for your crypto-pricing. Personally, I focus on the prices from the exchanges I use and ignore the rest.

Reddit and Twitter are also buzzing. Many of the people I trust are indicating that this is not a panic situation, but a potential buying opportunity. And yet, few are pointing to something else. Something obvious? Surely, the sell-off is a major correction.

Here’s another source for crypto-prices: Live Coin Watch. Just to screw your head on straight.

Also, this just came over the wires. South Korean Banks are under a probe for possible money laundering related to cryptocurrency exchanges. Perhaps this is why Coinmarketcap is “distancing” themselves from the exchanges there. This, after a South Korean spike in cryptocurrency prices.

If the authorities in South Korea find criminal connections between banks there and the above listed exchanges, it might put a downward pressure on prices worldwide.

In any event, if cryptocurrency price averages return to a more believable level, stabilization and continued growth of this fintech space seems logical. The only burning question for now, is the survivablity of bitcoin, given all the bad news out of China lately — that the government there is beginning to limit all of that reduced price electricity to the BTC miners.

Add in that Microsoft is ditching bitcoin and you have a nice little panic brewing.

I’m going to buy.


All of the above are my opinions. Not advice. Ask your brain for details.

Advertisements


Categories: Bitcoin, Cryptocurrency, finance, Fintech

Tags: , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: