Market Dumps, UpBit Investigation, Korea FUD, Mt Gox.
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Over the last 16 hours we have seen a retracement back down to the $8,400 – $8,200 range. This was not unexpected, CryptoInMinutes called this market retracement earlier this month and it is playing out exactly how we expected.
This market dump is nothing to be afraid of, in fact, it is healthy and could set us up for a big bounce in the coming week.
🇰🇷UpBit Investigation 🇰🇷:
So if you were following usd on twitter last night @MasterSprooker @cryptoinminutes @smartcontracter @cryptocohen_ you would already know about this breaking news. UpBit is Korea’s largest cryptocurrency exchange.
Yesterday they were visited by the authorities. I was posting a play by play break down on twitter yesterday as my connection in Korea broke the news to me. UpBit is under investigation for fraud however nothing has substantiated and there is no reason to panic. However as predicted the markets did panic with some alts like ADA dropping nearly 20%, this presents a fantastic buying opportunity.
🇰🇷 Korea 🇰🇷
FUD is nothing new in the cryptosphere and this in no way resembles a crypto ban in Korea. It is simply the government being the government. Investigations such as these add legitimacy to cryptocurrency as a whole and they should be seen as progress.
In other FUD, 8,000 BTC has been moved from the Mt. Gox Trustee wallet address. This created some fear in the market as traders prepared for 8,000 BTC to be dumped. Trades of this size do not get dumped onto the market. There is an OTC Bitcoin market that makes up 70% of the BTC volume traded, this market is used for large trades such as the Mt. Gox Trustee settlement. These are not executed on markets such as Binance or Coinbase so there is no need to worry about the market prices being affected.
This is not the end, we think there will be a bit more to go before we reach the bottom of this dump. We capitalise on the fear of our weaker adversaries, those who trade based on their emotions. As such we see this as a great buying opportunity and we will be layering our buys as the market continues to drop, loading up on some of our favourites such as MAN, MOD, SEN, LUX and VEN.
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