India announced measures against Bitcoin sending it tumbling. Or so headlines claim. That's not really what's happening.
Reuters claims Bitcoin Slides as Facebook Ad Ban, India Clampdown Unnerve investors.
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 Changed
“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.
Where Next?
Given the preposterous run-up in cryptos, the crash rates to be spectacular.
Still HODLing?
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. have resorting to hope.
Hope!
If anything, that Tweet reinforces how absurd the situation became in just one year's time.
Chain-Letter-Like Schemes Hit
Just follow and retweet him for a chance to read incessant BS on HODLing his favorite crypto.
Only 20% Left
I seem to recall when there was a shortage of Beanie Babies.
Just HODL Over Time
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.
Mike "Mish" Shedlock
Congratulations, but what can you tell us about the next three years?
Question of the Day, Mine
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.
This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.
Recommended Content
Editors’ Picks
AUD/USD pressures as Fed officials hold firm on rate policy
The Australian Dollar is on the defensive against the US Dollar, as Friday’s Asian session commences. On Thursday, the antipodean clocked losses of 0.21% against its counterpart, driven by Fed officials emphasizing they’re in no rush to ease policy. The AUD/USD trades around 0.6419.
EUR/USD extends its downside below 1.0650 on hawkish Fed remarks
The EUR/USD extends its downside around 1.0640 after retreating from weekly peaks of 1.0690 on Friday during the early Asian session. The hawkish comments from Federal Reserve officials provide some support to the US Dollar.
Gold price edges higher on risk-off mood hawkish Fed signals
Gold prices advanced late in the North American session on Thursday, underpinned by heightened geopolitical risks involving Iran and Israel. Federal Reserve officials delivered hawkish messages, triggering a jump in US Treasury yields, which boosted the Greenback.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
With all eyes peeled on the halving, Bitcoin is the center of attention in the market. The pioneer cryptocurrency has had three narratives this year already, starting with the spot BTC exchange-traded funds, the recent all-time high of $73,777, and now the halving.
Billowing clouds of apprehension
Thursday marked the fifth consecutive session of decline for US stocks as optimism regarding multiple interest rate cuts by the Federal Reserve waned. The downturn in sentiment can be attributed to robust economic data releases, prompting traders to adjust their expectations for multiple rate cuts this year.