Tuesday, January 16th 2018

"You Hold It!" - Cryptocurrency Pricing Plummets as South Korea Revives Pressure

Cryptocurrency value has begun a tumultuous plummet since yesterday, in a market shrinkage that's being mostly correlated with an announcement by South Korean finance minister Kim Dong-yeon that a ban on cryptocurrency trading could still happen, pending a government review. South Korea is one of the world's most relevant economy and technology players, so a ban there could certainly start a domino effect in other countries.

""There are no disagreements over regulating speculation," minister Kim Dong-yeon specifically said - a move that would include a ban on anonymous cryptocurrency account, thus spelling doom for some privacy-focused cryptocurrencies like Monero and ZCash from being traded in the country, for sure. The minister also places a heavy value in being able to tax the income made on virtual currency, and added that shutting down the exchanges was "a live option but government ministries need to very seriously review it."

Ethereum, for one, has fallen by some 17% since yesterday, down to some $1,109 from a close to an all-time high of $1,418 only yesterday; Bitcoin has shaved some 16.6% as well, down from yesterday's $14,403 to a $11,303 low, which certainly started a fire-sale of the cryptocurrency from less hearted holders. But the move has affected the entirety of the crypto and alt-coin market.
However, for all those that are already spelling doom, gloom, and lives ruined for speculators and the average housewife who just wanted to earn a little money on the side, hold ye screams of rage. In fact, this isn't something new; and I'm not just speaking to the crypto market's known volatility as it is. Looking back on historic Bitcoin pricing, we see an interesting trend; the queen cryptocurrency shed more than 50% of its value (from $295 down to $178) between January 9th and January 17th 2014; $461 down to 360$ in the same period of 2016; and from $1200 in a massive 37% downturn to $762 between January 5th and January 13th 2017. Once a pattern does not make; twice, still not; but three years in a row with all of these pricing dips all in roughly the same time-frame could a pattern make. Interesting to note, at the least. There's no conspiracy there; it's not like the crypto market hasn't seen some convulsions regarding price-fixing conundrums around the defunct MtGox. At all.
Sources: via TechSpot, CoinMarket Cap
Add your own comment

23 Comments on "You Hold It!" - Cryptocurrency Pricing Plummets as South Korea Revives Pressure

#1
R-T-B
ZCash privacy is toggleable so it isn't absolutely affected by a anonymous currency ban if one never makes/uses a private address or gets cash from one.

Other than that, spot on. Good article. I especially like the use of yoda-speak when commenting on the paterns at the end, hehe.
Posted on Reply
#2
trog100
these drops are not just driven by house wives panic selling they are a fundamental part of the crypto scene.. sell at the top and buy back in at the bottom.. all based on the principle that however low it goes it will soon go back up and make new record highs.. in fact the lower it goes the more profit is made by those who know how to play the game..

things are not as they seem.. : )

trog
Posted on Reply
#3
Raevenlord
News Editor
R-T-B said:
ZCash privacy is toggleable so it isn't absolutely affected by a anonymous currency ban if one never makes/uses a private address or gets cash from one.

Other than that, spot on. Good article. I especially like the use of yoda-speak when commenting on the paterns at the end, hehe.
Used some of your own information, really, as you definitely noticed =) And found the pattern very interesting.

Yoda speak is awesome!

trog100 said:
these drops are not just driven by house wives panic selling they are a fundamental part of the crypto scene.. sell at the top and buy back in at the bottom.. all based on the principle that however low it goes it will soon go back up and make new record highs.. in fact the lower it goes the more profit is made by those who know how to play the game..

things are not as they seem.. : )

trog
That's definitely true of the market mentality. However, the selling has to start somewhere, or with some event; be it South Korean warnings, players gaming the game, or a big player being strapped for liquidity, it all has a beginning. The "buy the dip" mentality you refer is the rebound part of the market movements, indeed.
Posted on Reply
#4
Toothless
Is that a typo in the thread title, or did I never learn hodl definition.

I tease.
Posted on Reply
#5
R-T-B
Raevenlord said:
Used some of your own information, really, as you definitely noticed =)
And you could have gotten away with it scot free too...

But then Yoda would say that leads to the dark side of journalism... (I mean, Darth Plagueis just screams "plagerism" does it not?)

I need to go nerd out in a corner, sorry.
Posted on Reply
#6
natr0n
Maybe then we can actually buy a decent graphic card sometime soon that's in stock.
Posted on Reply
#7
flmatter
natr0n said:
Maybe then we can actually buy a decent graphic card sometime soon that's in stock
Depends on how deep your pockets are $$$$$ :)
Posted on Reply
#8
R-T-B
natr0n said:
Maybe then we can actually buy a decent graphic card sometime soon that's in stock.
Unlikely, IMO. As Raevenlord noted, this is just usual crypto trends.
Posted on Reply
#9
the54thvoid
R-T-B said:
Unlikely, IMO. As Raevenlord noted, this is just usual crypto trends.
Crypto trends yes but the factors differ. At some point one government will regulate to tax the income, at which point all others will follow. Were the dips for BTC before not related to security issues and frauds? If the current trend is due to the high possibility of regulation, the trend will continue to be 2 steps up, 3 down, unlike before, 3 up, 2 down.
Posted on Reply
#10
R-T-B
the54thvoid said:
Were the dips for BTC before not related to security issues and frauds?
Some were, some weren't. IIRC 2014s January upset or around then was all that the SEC had declared bitcoin earnings taxable income... so again, not much new here.
Posted on Reply
#11
trog100
well i am $4000 dollars poorer than i was three days ago.. it does hurt a bit when you really do hodle.. he he..

trod
Posted on Reply
#12
R-T-B
trog100 said:
well i am $4000 dollars poorer than i was three days ago.. it does hurt a bit when you really do hodle.. he he..

trod
You weren't going to sell it anyways, so as far as I can tell, not much has changed... ;)
Posted on Reply
#13
R0H1T
trog100 said:
these drops are not just driven by house wives panic selling they are a fundamental part of the crypto scene.. sell at the top and buy back in at the bottom.. all based on the principle that however low it goes it will soon go back up and make new record highs.. in fact the lower it goes the more profit is made by those who know how to play the game..

things are not as they seem.. : )

trog
So vaporware, pump & dump perfectly describe BTC et al, like many of us were saying :rolleyes:
https://techcrunch.com/2018/01/15/researchers-finds-that-one-person-likely-drove-bitcoin-from-150-to-1000
Posted on Reply
#14
R-T-B
R0H1T said:
So vaporware, pump & dump perfectly describe BTC et al, like many of us were saying :rolleyes:
https://techcrunch.com/2018/01/15/researchers-finds-that-one-person-likely-drove-bitcoin-from-150-to-1000
Considering the tech it brought to us is very real, "vaporware" is unfair. As for the rest, history will decide, but it's as "pump and dump" as any commodity in my eyes. It still has many uses beyond that.

EDIT: Someone fixed the "hodl!" No! That's a meme you bloody spellcheckers, is nothing sacred?!
Posted on Reply
#15
Power Slave
natr0n said:
Maybe then we can actually buy a decent graphic card sometime soon that's in stock.
I agree I’m happy and good the market bottomed out so I can buy a graphics card and game finally. I have no compassion. I’ve been stuck with a Fury because I’m not paying inflated prices. I hope investors lose their shirts. I’m very happy this turn of events.
Posted on Reply
#16
nickbaldwin86
this is great news... "2018, THE FALL OF CRYPTO!!!"
Posted on Reply
#17
theonek
nickbaldwin86 said:
this is great news... "2018, THE FALL OF CRYPTO!!!"
and when was its rise? max 20k for a btc is not so much rise, it was a momentum. rise is like 50-100k and keep it that way.....
Posted on Reply
#18
nickbaldwin86
theonek said:
and when was its rise? max 20k for a btc is not so much rise, it was a momentum. rise is like 50-100k and keep it that way.....
I am not about the details I am about the complete fail and falling. After South K and China and then the USA finally block Crypto I will be happy.
Posted on Reply
#19
trog100
well chaps.. from my reading of the charts the pull back crash or whatver you want to call it bottomed out with Bitcoin at about $9500.. its now back on the way up again.. £10000 seems to be new bitcoin bottom..

all in all a big pull back based on f-ck all.. the way it all moves in lock step with bitcoin makes me think it has to be engineered.. those in charge didnt want to crash things too much..

a few more hours should confirm what i have just said.. panic over.. i aint happy feeling this sh-t is engineered but as long as the long term general trend is upwards as a hodler i am happy enough..

trog

ps.. yep one hour later in a perfectly engineered fashion bitcoin is up to 10800 and in perfect lockstep everything else is following it.. he he
Posted on Reply
#20
theoneandonlymrk
Power Slave said:
I agree I’m happy and good the market bottomed out so I can buy a graphics card and game finally. I have no compassion. I’ve been stuck with a Fury because I’m not paying inflated prices. I hope investors lose their shirts. I’m very happy this turn of events.
Get a job earn money buy stuff, it's capitalism or are you on the dole in the uk in which case you might be more confused than it seams.
I don't mind capitalism myself ,shit i live it and yet its pushed the price of an escort cossy out of my hands and the focus rs too , but I saved some time and made do with an escort s2 turbo ,do i hate cossy driver's hell no. The gits.
Posted on Reply
#21
R-T-B
nickbaldwin86 said:
this is great news... "2018, THE FALL OF CRYPTO!!!"
I'd be very very surprised if this isn't the like 6th time that prophecy has failed.

Don't get too excited. Enough money is involved now that if you yanked it all out at once, you'd have a new recession.
Posted on Reply
#22
nickbaldwin86
R-T-B said:
I'd be very very surprised if this isn't the like 6th time that prophecy has failed.

Don't get too excited. Enough money is involved now that if you yanked it all out at once, you'd have a new recession.
I wouldn't for a second feel sorry for those "investors" that took out 2nd loans on their house to buy into Crypto.
Posted on Reply
#23
trog100
nickbaldwin86 said:
I wouldn't for a second feel sorry for those "investors" that took out 2nd loans on their house to buy into Crypto.
no need to feel sorry for them nick.. depending when they did the deed.. lets assume three or four months back.. they would have made enough money to have paid off both mortgages and still be looking at a handsome profit..

time for folks to catch up here as well.. the crypto "correction" is now over and bitcoin is at 12000 dollars or so.. bad new for the haters and good news for the hodlers.. :)

trog
Posted on Reply
Add your own comment