No wonder that monetary authorities and some financiers are trying to talk the price of the cryptocurrency down - they are simply afraid of this new form of currency that may easily take the place of traditional money.
What are they scared of?
The advantages of Bitcoin are obvious - while everybody is talking about the swelling of the Fed amounting to $4.5 trln, which the regulator refuses to audit, Bitcoin just does it on everyday basis. Bitcoin is audited due to its open-source nature.
The same is with China and its steps to regulate the crypto currency trading. It announced the ICO 0.00% ban, it stopped crypto transaction on one of the largest exchanges in China, it promised to block any crypto currency trading since October, and on Wednesday we got to know that Bitcoin exchange heads have been banned from leaving China!
What are they scared of? They scared of alternative. Very strong and transparent alternative, which is poisonous for China known of its “closed” stats data and “drawn” economic indicators.
Bitcoin doesn’t care
But judging by Bitcoin reaction, market doesn’t care – by the mid Wednesday when the news of exchange heads appeared in mass media, digital currency added another 0.51%.
Besides, there is a strong feeling that the series of negative comments and fake news of possible mining ban, and blocking p2p network in China is aimed to pressure the currency price. Why? To enter the market at more attractive levels! For example, last Saturday crypto currency reached $3,900, but as soon as the series of rumors on p2p ban appeared, it slid to $3,500. But not for long - Bitcoin trades above $4,000 again.
Read between the lines of any negative news you get – it may give you perfect opportunities to buy crypto currency at cheaper price.