i think people are mostly looking for a reason to explain what has happened. but in fact the reason had nothing to do with these news that actually was spread AFTER the drop. i haven't even heard about it until the drop was near the end!
and the pattern was very familiar and easy to explain. price tried to break out and rise it couldn't so it fell. last time it was at $15700 before it fell down to $12500 and this time it was higher at $16400 before it fell down to $13500.
now it is back to $15000 and rising again to test the upper resistance once more.
Topic: Wondering why Bitcoin dropped by over 10% last night? - page 2. (Read 277 times)
Look no further than South Korea!
What was starting to become one of the major hubs of bitcoin trading got some rather harsh news last night.
Well it wasn't actually all that harsh, but apparently those selling bitcoin think so.
In news out last night in South Korea, regulators have announced that they will be regulating cryptocurrency exchanges.
What does that mean?
It likely means several things.
The big requirement going forward will be that exchanges will be required to verify their customers before allowing them to trade, which would go along with rules other financial exchanges abide by in the country.
That doesn't sound all that bad.
What was likely scary was the part where regulators said that they might also shut down some exchanges that are not abiding by these rules.
Which as you can imagine read like, "oh no exchanges are going to be shut down!".
Luckily that is not the case.
What was starting to become one of the major hubs of bitcoin trading got some rather harsh news last night.
Well it wasn't actually all that harsh, but apparently those selling bitcoin think so.
In news out last night in South Korea, regulators have announced that they will be regulating cryptocurrency exchanges.
What does that mean?
It likely means several things.
The big requirement going forward will be that exchanges will be required to verify their customers before allowing them to trade, which would go along with rules other financial exchanges abide by in the country.
That doesn't sound all that bad.
What was likely scary was the part where regulators said that they might also shut down some exchanges that are not abiding by these rules.
Which as you can imagine read like, "oh no exchanges are going to be shut down!".
Luckily that is not the case.
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