The preponderance of fear, uncertainty, doubt, and regulatory concerns have continued to halt the market’s progression for the past 30 days. These facets are undeniably identifiable, leaving investors with no doubt of their affect. For example, within the last 24 hours, China announced more fierce regulatory policies, banning all international cryptocurrency exchanges and platforms.
The aforementioned news, in addition to Lloyds Bank, among others, disallowing Bitcoin purchases via credit, has shook weak hands – hands responsible for roughly $60 BB USD.
Notwithstanding, other factors are at play, and, surprisingly unmentioned in the media or entirely ignored by new, inexperienced investors and traders.
From August through October, the market was artificially inflated by investors and traders purchasing Bitcoin to reap the benefits of its many forks. In addition to that, the same new, inexperienced investors flooded the market through November and December in anticipation of CBOE and CME futures.
Many of these individuals are interested in the short-term potential of Bitcoin and cryptocurrency, in part that they do not comprehend the gravitas of this technology. Thus, once profits were reached, the millions of people who entered the market took their share, causing the market to, naturally, fall.
Therefore, to clarify, what we are experiencing is a correction exacerbated by untimely news.
Patience will prove highly beneficial to investors and traders because blockchain tech and cryptocurrency are here to stay, but only the most important technologies and shrewdest companies will stand the storm.
We will have an updated BTC TA for you all later.