Bitcoin keeps leading the crypto market ever lower. This is what a bear market looks like, feels like, smells like, and tastes like. Blood in the streets. Salt in the wound. It hurts.
We think we’ve come upon five reasons why there doesn’t seem to be a rebound yet in sight.
EOS Keeps Fu**ing Up
Decentralized application platform EOS has had a bumpy road since finally rolling out their mainnet last week — which was two weeks behind schedule. EOS drew more criticism this week when the team of 21 voted block producers circumvented their own council of arbitration and froze seven accounts that were accused of holding stolen funds. Many critics argue that EOS is guilty of violating ‘decentralization’ and ‘immutability’, the most basic essences of blockchain technology.
What Is Going On In India?
Zebpay — ‘India’s Leading Bitcoin And Cryptocurrency Exchange’ announced on Thursday, possible disruptions to their bank accounts due to an April circular from the Reserve Bank Of India (RBI). The circular states:
“[…]with immediate effect, entities regulated by the Reserve Bank shall not deal in Virtual Currencies (VCs) or provide services for facilitating any person or entity in dealing with or settling VCs. Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer/receipt of money in accounts relating to purchase/ sale of VCs.”
India remains ambiguous in its overall view on cryptocurrency and digital assets — causing a lot of uncertainty for those already invested, and fear for those who may be looking to get in.
Bithumb Hack, Wrong Place – Wrong Time
Tuesday evening, popular South Korean cryptocurrency exchange Bithumb reported a system breach that resulted in approximately $31 million worth of cryptocurrencies being stolen. Coincidentally, in the days following the hack, there was a large marketwide dip — Bitcoin and Ethereum dropped 11 and 15 percent, respectively.
Even those who don’t use Bithumb weren’t very pleased after the hack — as Bitcoin transaction speeds and fees soared, due to the exchange moving huge amounts of cryptocurrencies away from its hot wallets.
On a small positive note, Bithumb promised to fully reimburse all those who had cryptocurrency stolen from them.
NANO Warns Wallet Users Everywhere (mobile wallets)
Cryptocurrency NANO — formerly RaiBlocks, tweeted out a desperate warning yesterday, about a security flaw with the new Android mobile wallet seed generator. This security flaw came to light just hours after launching the new Android mobile wallet and cause quite a panic in the community. The problem was fixed in a wallet update that was released a few hours after the scare.
“*ATTENTION* ANYONE WHO GENERATED A SEED USING THE ANDROID WALLET, IMMEDIATELY MOVE YOUR FUNDS TO ANOTHER WALLET DERIVED FROM A DIFFERENT SEED. *ATTENTION*”
Crypto Chartists Are Universally Bearish And They Are Everywhere
Take a quick look at crypto twitter and you are bound to think that you’ve landed on a dystopian planet obsessed with picking Bitcoin price targets lower than your neighbor. Crypto chartists, specifically technical analysis gurus, are falling all over themselves to see who can pick the bottom. And to do so and stand out, you’ve gotta reach for the lowest price.
That dynamic is pushing crypto noobs to fear any further investment into cryptos at the moment. You could say it is playing a role in keeping any noobs from even being created. The negativity is pushing the market further down.
**And A Bonus – OG’s Are Salty As Hell Right Now
And they should be. Social media has turned on anyone that can claim to have gotten into crypto before 2017. Posts stating that “I bought in at $200…” are met with vitriol and hate by those that weren’t as forward thinking as some of cryptos originalists.
And crypto OG’s have had about enough. Posts have turned into different levels of “fu** you if you have a problem with how I got here” and the like. And crypto twitter seems to be on fire with exactly this sort of back and forth.
Six months ago if you were a crypto OG with 100k followers you were treated like a god…now, noobs just think you’re an asshole. The negativity is keeping the crypto markets depressed.