Finally, the world is waking up. The major cryptocurrencies are all plummeting as countries start to create regulations to define them as well as regulate trade. With Finance Ministries and Central Banks collaborating globally, the false cryptocurrency market is starting to crash, as it well should. Already the top 10 coins have lost over $100 billion in value as Bitcoin trades around $10,000, Ripple crashes below $0.99, and Ethereum drops under $950.
There is no reason to state actual prices as I write this article, since the prices change every second, while this is also the case for Forex, comparing cryptocurrencies to Forex is like comparing the peel of onion to a five star six serving gourmet meal. Legal tender is asset-based and has real value; cryptocurrencies are a lie created to make scammer and criminals rich at the expense of speculators.
When we look at the history of global market mania, we can see a comparison to the 17th-century tulip craze that drives tulip prices to sky high when they did nothing for any living reasons, there were no food or an industrial asset. So too with Bitcoin and other derivatives. They are a virtual game that people buy into with thousands of real currency tenders. Basically, it’s like buying into an online casino or binary options market and using “house” chips to represent cash reserves.
The crash comes after China, South Korea, India, Singapore and now France all battle the cryptocurrency mania with strict regulations and bans the use of bank accounts to buy cryptocurrencies. China is not even going to bother regulating digital coins since it does not recognize it even as a valid commodity. They are going to cut off all platforms and exchanges from operating within the country, and even with citizens. This means that no Chinese citizen will be allowed to trade in these “coins,” and we all know how China deals with its criminals and offenders.
The large crash shows how volatile the market really is, combined with the fact that bots control daily moves and not actual human demand, the market is a false one aimed at making unscrupulous traders richer at the cost of speculators.