- 00:02 – Advice You Would Receive In This Video
- 00:27 – What Is Going On In The Crypto Currency Market01:00 – China Bans Icos And Crypto Currency Exchanges
- 02:08 – Why The Markets Are Tanking
- 03:31 – Can China’s Ban Tank The Entire Crypto Currency Market
- 04:04 – Can Bitcoin Still Be Traded In China
- 05:47 – Is It A Good Time To Buy Bit Coin
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Hey guys this is Crypto Camacho here.
00:02 Advice You Would Receive In This Video
And the markets are taking a beating today. But you know what, don’t fret. I know many of you may have someone in the crypto currency markets and because of the news that is going on right now the markets are tanking. So the markets are significantly tanking today but why are they tanking, what’s going on in the market, why is this happening, is it going to go further or is this just a correction and it is going to go back up?
00:27 What Is Going On In The Crypto Currency Market
So let me give you my perspective on what is going on. Right now, not only bitcoin but all of the alt currency, alt coins and crypto currencies are taking a huge huge beating right now in the market. I woke up this morning and I looked on my computer and I noticed that everything was tanking tanking tanking. I said wow, this is a correction that everybody has been talking about for some time now. So this has been a bit expected. Nobody knew exactly when this would happen but let’s look at the recent news and a star, what actually happens in the market to cause this crash.
01:00 China Bans Icos And Crypto Currency Exchanges
First, about a week ago you had China coming out saying that they’re going to ban ICO’s. That was the start of this whole thing. And when they came out and said that they are going to ban ICO’s, all of a sudden bitcoin started to drop. It did get a good hit that day but nothing like what we’re seeing today right now. So that kinda started the snowball or the panic selling that is happening. And not only just panic selling but I would tell you what I mean in a minute.
So after China banned ICO’s they weren’t done yet. They decided that we’re not just going to banned ICO’s, we’re actually going to go full on out and bend the crypto currency exchanges entirely in China. And as you can imagine there was a rumor about that for a while, it wasn’t really confirmed. I posted a couple of stories saying one, China was meant to ban crypto currencies and another story saying no they’re not going to ban them after all. But it is actually confirmed today that China is going to ban crypto currency exchanges in their current form. And everybody that has money in those exchanges, they have until September 30 to get out of those exchanges.
02:08 Why The Markets Are Tanking
So here’s the real kicker, here is the real secret of why the markets are tanking. So when China announced that they are going to ban the crypto currency exchanges, they gave all of the investors that had money in these exchanges until September 30 of this year to actually liquidate their accounts and get rid of all their Bitcoins and alt coins and all kinds that they haven’t those exchanges. And they did this and threatened that if they don’t get their money out of these exchanges before September 30, they would be at risk of losing all of their funds and all their money and so forth. So what is happening today? Everybody’s liquidating their accounts on the Chinese exchanges and they’ doing that because they want to protect themselves. They want to protect themselves from this ban on exchanges. So it makes sense that the markets are tanking. People are pulling their money out in many different ways. Some people may be pushing their money to a different exchange, to a different wallet. Some people may just be pulling their Bitcoin out into their own personal wallets and they’re going to avoid it and sit on it. Many many others may actually be withdrawing their crypto currencies in exchange for the yuan, the local currency in China or the US dollars or whatever it is. They are taking out all of these funds. Now that is the real reason why the market is tanking right now. That is a real reason why the crypto currencies are making a correction right now. This isn’t the first time this has happened and I wouldn’t be extremely worried about what is going on right now.
03:31 Can China’s Ban Tank The Entire Crypto Currency Market
So first of all think about this, China currently holds about 15% of the entire crypto currency markets in terms of volume. So overall volume market cap, China holds about 15% of the crypto currencies. It is big but it is not big enough to tank the entire industry, to tank the entire markets down to zero, that is not going to happen. There are just too many buyers in the market and it is not going to happen. There are too many people buying and you can see that in the charts and I can show you that later on.
04:04 Can Bitcoin Still Be Traded In China
The other thing is that not only are Chinese, they don’t hold the majority of the crypto currency market but they are also going to be allowing OTC, over-the-counter markets in China to trade Bitcoin. So it would make it a little bit more difficult to trade Bitcoin and alt currencies but it will also make it possible. So if people really do want to trade in China they still can they had the OTC exchanges. So not all the exchanges are going away but it is a way that China can regulate these exchanges much much more closely.
So that is exactly why I don’t think that this is such a big deal. It is a big deal because the market is tanking of course and that is a big deal for many people that have money but I don’t think this is permanent. I don’t think this news is permanent, I don’t think it is going to be lasting. I think this is going to be a tremendous buying opportunity for those of us that have been watching the markets and expecting this. And I have been watching this and waiting for this. There hasn’t been a big big correction like this for quite some time and I would expect that this correction goes a little bit deeper. It has already gone down to $3300, I would imagine that it is meant to go closer to $3000. It may even crack $3000. If it does it is meant to be a huge buying opportunity that I would personally be stacking lots of money into that price. But as of now the price remains at about $3300. Still a fantastic price to buy Bitcoin at. Just remember that two or three weeks ago Bitcoin was up at $5000, now it is all the way back down to $3000. It is a pretty big opportunity. And this is the perfect time to trade when a base is cracked.
05:47 Is It A Good Time To Buy Bitcoin
Now let me show you the chart to real quickly. This is the Bitcoin charge today from Lacqui and look at this, it has gone all the way down, all the way down to $3300. I thought it went a little bit lower but it looks like it has gone to $3300. And look at what base it cracked? It cracked this base right here. Let me draw that out for you. So this could not be a better time to buy. So if you look right here you can see that there is a huge buying opportunity there. You can see that this is just a really good time to buy, right below. I mean, you can trade off of these bases being cracked, which is usually right but in this case because of the news and the news always trumps anything else, there was a significant crack in the base; the big base, the last really big base that happened on August 21 or 22nd. So look at this, perfect time to buy right right now. So if you can get in, please do. It is a great time to buy.
Anyway, I hope you find this useful. I wouldn’t fret too much. Don’t panic. This is just a short-term move. It is not permanent. Bitcoin will recover from this. I promise you it will recover. Trust your instincts. This is a tremendous buying opportunity for any of you that have any money to put into the crypto currency markets. This is a fantastic place to get in on this now. In two weeks’ time, the markets are going to recover, they may not go all the up to $5000 but they’re going to recover from this low of $3300. And when they do, all of us that bought now at the bottom low are going to be very happy we did. Anyway this is crypto, much again from cryptocamacho.com. I am Dan, hope you enjoyed this episode and leave some comments and questions if you have any and I would be happy to answer them as best as I can. See you guys later.