January 16, as it deserved, was named Black Tuesday in the cryptocurrency world. Bitcoin and Altcoins lost over 40 percent in market capitalization that day in pair with regulatory uncertainty in South Korea and China.
It’s safe to say that the FUD is to blame in this black day for the markets, even worse than the huge price correction on December, after Bitcoin had hit an all-time high of $20,000.
The crypto community, as usual, started twitting around.
Canadian user Armin van Bitcoin posted a graph comparing similar corrections in the price of Bitcoin in January for the past four years.
Another user turned this observation upside down and claimed that after the storm always comes a clearer, brighter morning.
HodlWhale suggests why traders were merely taking profit for the first time this year.
At the same date every year the bitcoin crashes: 2015 – Low was Jan 15 2016 – Low was Jan 16 2017 – Low was Jan 12 2018 – Low ….#btc #hodl #back #recovaer #market #CryptoNews #cryptocrash And it recovers stronger than ever— Ahmed Saeed (@MidaAcura) January 16, 2018
In short time $100B in market cap has left the building.Why? 1) Traders paying taxes 2) Traders and Whales that waited to take profits until after the first of the year 3) Whales pushing the price down to let Wall Street money in (it’s bonus season) 4) Weak Hands #HODL $BTC — HodlWhale (@HodlWhale) January 16, 2018
Jason Calacanis made a short list of notifications for every trader.
A quick reminder when gambling on crypto: 1. Unregulated 2. Highly manipulated 3. there is no use care other than money transfer & speculation 4. Easily regulated by governments 5. Meme-driven investing is a brand new thing #HODL! 6. Save this tweet for bitcoin $1m day pic.twitter.com/5y8NH6UiSW— jason (@Jason) January 16, 2018
VergeLife considered what led to mass FUD in the market.
JPMorgan false claims Korean exchange raids Chinese bans Miscellaneous FUD Panic selling All happening at once. Cleverly timed for wall street bonus checks and orchestrated to get you to sell for loss so they can buy your bags for cheap. Don’t get rekt#HODL #CryptoFam $XVG #BTC— VergeLife (@VergeLife) January 17, 2018
And finally, as Jeroen Blokland tweeted, Bitcoin is still up over 1,000 percent since January 2017.