Bitcoin, the world’s largest cryptocurrency, skidded 11 percent on Thursday to its lowest since November, as a Facebook ban on cryptocurrency adverts and a growing regulatory backlash against the nascent market frightened investors.
Officials have said cryptocurrencies are used by criminals to launder money. India, which has likened the market to a Ponzi scheme, on Thursday vowed to eliminate their use..
The Indian finance minister said his government would take “all measures” to remove crypto-assets in “financing illegitimate activities or as part of the payment system”, Arun Jaitley told parliament.
Facebook said in a post on its website this week that it was banning all advertising that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency”.
It was not clear whether the ban would affect all cryptocurrency adverts on the social media site. Facebook could not immediately be reached for comment.
Don't Blame India or Facebook
I am reading lots of Tweets and article today all blaming India. The HOLDLers see another "last chance" to buy under $10,000.
India and Facebook have nothing to do with this. Think of all the reports of crackdowns in China, South Korea and other places that did not matter one iota.
What is happening?
“Sentiment towards cryptocurrencies is turning sour with negative headlines pouring out from left, right and center,” said Fawad Razaqzada, an analyst at FOREX.com.
That's close but backward. The real story is attitudes changed and media picked up on it.
That's right, $9k. Been so right calling this Bitcoin bubble burst all the way down, to below $7k. Sweet dreams! @ritholtz @zerohedge @Nouriel @novogratz @officialmcafee @bgarlinghouse @barrysilbert @TimDraper @winklevoss @tylerwinklevoss @fundstrat @bespokeinvest @peterthiel https://t.co/JlBf92UzbG— Statistical Ideas (@salilstatistics) February 1, 2018
Given the preposterous run-up in cryptos, the crash rates to be spectacular.
Why stop at $7k? Why not $1K or $300? https://t.co/1HWpASA2Uh— Mike Mish Shedlock (@MishGEA) February 1, 2018
The HODLers are still out there telling everyone to HODL. That's what HODLers do. Dip buyers buy dips and HODLers HODL.
It appears the HODLers, at least some of them, are resorting to hope.
The current top 10 coins exactly 12 months ago. (1.30.17)
Just #HODL. Retweet for hope!
1. #BTC - $920— Crypto Chad (@CryptoChadinLA) January 30, 2018
2. #ETH - $10.48
3. #XRP - $0.0064
4. #BCH - Nonexistent
5. #ADA - Nonexistent
6. #NEO - $0.14
7. #LTC - $3.86
8. #XLM - $0.0022
9. #XEM - $0.0051
10. #MIOTA - Nonexistent
If anything, that Tweet reinforces how absurd the situation became in just one year's time.
Chain-Letter-Like Schemes Hit
It's Saturday night and I'm doing yet another $trx giveaway. 100 #tron are up for grabs. All you need to do is follow and retweet! Winner will be DM'd for wallet address #crypto #btc $btc #giveaway #win #hodl #trx #dumpingisfornoobs #fomo #inat50sats pic.twitter.com/2GrolJBZb6— Connor Silver (@APiratesViewUK) January 28, 2018
Just follow and retweet him for a chance to read incessant BS on HODLing his favorite crypto.
Only 20% Left
There will only ever be 21m #Bitcoin. 80% have already been mined.
In effect, with 4m or so being traded on exchanges the battle for future ownership of the remainder is now being fought out with fear & greed as the emotional drivers. #HODL pic.twitter.com/eoX5IUcyoz— Bails?? (@iancbailey) February 1, 2018
I seem to recall when there was a shortage of Beanie Babies.
Just HODL Over Time
Companies using #XRP at the moment! ??— Ripple Queen (@MummyVx2) January 29, 2018
And remember in the words of Brad Garlinghouse.. "I'm not focused on the price of XRP over three days or three weeks or three months. I'm focused on the price of XRP over three years and five years." ???????? #xrpthestandard #ripple #xrp #HODL pic.twitter.com/y0vTlKdzYr
Congratulations, but what can you tell us about the next three years?
Question of the Day, Mine
Is this another last chance to buy under $10,000 or a last chance to get out near $10,000. Still #HODL ing?https://t.co/u9iCryRscM— Mike Mish Shedlock (@MishGEA) February 1, 2018
To make a top all the greater fools have to get in. With grandmas and the shoeshine boys all discussing Bitcoin, we may have arrived.
Is this another last chance to buy under $10,000 or a last chance to get out near $10,000. I don't know and the HODLers don't either.
By Mike "Mish" Shedlock