Bitcoin, Ripple, Ethereum Time to Buy
$BTC.X $ETH.X $XRP.X
Following a series of news, some real some fake, The real news was the ad ban by Facebook, China banned advertising cryptocurrencies as well. Japan has forced local exchanges to warn about risks of cryptocurrency trading. While the fake news came from India where the Finance Minister thought Cryptocurrency was illegal, (it is not) and said the thought their should be a toughening of the regulation of the cryptocurrency market, this was reported as India cracks down on Bitcoin.
Finance Minister Arun Jaitley, got it totally wrong, according to his uneducated rhetoric “Cryptocurrencies are illegal in India and the government fully intends to stamp out their use”, but that is not the case. Cryptocurrencies are not regulated in India, the second-largest country in the world by population after China. India has a big share of the cryptocurrency market, accounting for about 10 percent of all bitcoin transactions.
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“The government does not consider crypto currencies as legal tender or coin and (will) take all measures to eliminate the use of crypto assets,” Finance Minister Arun Jaitley said on Thursday.
Bitcoin will rebound, but on the newbie investors will sell it in the short term, long term the future remains bright.
Bitcoin fell below $8,000, shedding 60 percent of its value in a matter of 45 days, when a $20,000 record was broken, that is not uncommon when you have things that have a huge rally, it is far from a meltdown.
Numbers two and three, ethereum and ripple, plunged 28 and 33 percent respectively. All but one of the top 100 cryptocurrencies on G-BiT X’s list were trading no less than 20 percent lower. DigixDAO anf G-BiT were the only exceptions, with the digital currencies trading higher.
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