The year of FUD
Bitcoin and the rest of the crypto market have been hit with bad news after bad news ever since the beginning of 2018. This contributed to the price of Bitcoin falling all the way down to around $6000 after touching $20000 in late December. Other factors such as the MT Gox trustee selling approximately $400 million worth of BTC also had a massive part in the downfall of the cryptocurrency market. However, following a bunch of great news in the latest week, the market might finally be ready to recover because of the 5 following reasons.
The MT Gox trustee is legally not allowed to sell any more Bitcoin before fall of 2018, removing a huge sell pressure from the market.
South Korea is unbanning ICOs, and the country’s cryptocurrency trading is starting to thrive again. South Korea has previously accounted for a large percentage of trading volume. They even traded a variety of cryptos at a 20-50% premium because of enormous demand.
Mark Carney rejects regulation of cryptocurrencies in a public letter prior to the G20 summit in Argentina as they don’t impose a threat to the global financial stability.
US Congress praising blockchain technology and cryptocurrencies. Pointing out its potential to change many sectors of the world, just like the internet did, its security, decentralization & transparency.
News of social media companies banning cryptocurrency ads always hits the market, even though it actually is better for Bitcoin, because many ads were phishing- or other similar scam ads. But now that Facebook, Google & Twitter has banned cryptocurrency ads, there aren’t many significant advertisers that have yet to ban it, thus eliminating more “BAN” headlines, also known as FUD.