In the crypto market he last time we had so many liquidations within a day was 2018 Nov (6k to 3k) Bitcoin price drop.
Kind of a crazy week in crypto world, right?
What’s the altcoin trading cheat sheet say? Something like:
1. Bitcoin goes up, altcoins dump
2. Bitcoin goes down, altcoins dump
3. Bitcoin stays flat, altcoins pump
This week seemed to give that meme a bit of merit – that is, until the past couple of days. Since then, alts have been been retreating into a depression stage.
On more news:
Asia-Based Crypto Exchanges Delisting Privacy Coins
In a concern-inducing move, Upbit, a top-drawer South Korean crypto exchange, pulled any and all digital assets with privacy features. Dash, Monero, Zcash, and smaller coins like Haven all had their Upbit privileges revoked.
The move mirrors a similar one made by OKEx which, in its turn, had followed Coinbase UK’s lead when it delisted Zcash. Privacy coin owners and supporters are understandably upset by the growing trend amongst regulated exchanges to delist anonymity-supporting assets.
At the crux of the issue are regulators who believe such tokens are antithetical to KYC and AML laws. That’s the public reason, anyway. We should know that governments also just don’t want to be left in the dark when it comes to who owns what.
Going forward, regulators want to devise a way to track and trace every transaction back to an identifiable owner. Monero doesn’t let them do that, so any exchange hoping to stay on the right side of regulators will have to give it the ax. Sad but true.
Some of the news we have reported in our DCG group:
An absurdly high % of miners are concentrated in southern China. Oct is a transition period from the flood season to the dry season in all of those provinces. In the dry season, overall capacity will decrease and electricity prices will increase.
Overall, in and around Oct, hash rate will decline until Bitmain starts shipping large quantities of their machines in Nov, assuming BTC price doesn’t move too much. This is common knowledge amongst miners, but, I bet people on internet will still freak out. In general, I am never concerned about hash rate falling. Miners are very opportunistic, and the secondary-market for machines is highly active, it will naturally adjust.
Lots of miners will be selling old machines, migrating northwest, or simply turning their machines off.
Yesterday’s drop might have occurred because some large facilities may have already started the transition process (or a mining pool glitch)
Today’s Drop was predicted in the Mastermind Report as shown below.
Market Tanks on Impeachment, Trade, Iran worries
Money flows out of the market at the end of September. Stocks slumped Tuesday on word an impeachment inquiry will be started against President Trump as well as on Trump’s angry rhetoric over both China and Iran.
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Be Prepared For October!