CryptoKing Report for March 9th: Well That is the Last Time I Take a Vacation! (FUD THE NEWS!)
I went on vacation this week for the first time in over a year. I went Monday until Friday and the result…a complete collapse in the market and FUD spewing from every orifice. This was the first time I’ve been without wifi for years and it was actually probably a blessing in disguise. Knowing how much the market pulled back due to the SEC becoming involved or the fear or a possible Binance hack would not have been enjoyable to watch in real time, especially from vacation. So what happened this week?!
Well the facts regarding the Binance fiasco are still working themselves out. What Binance has confirmed is that no funds were lost and those impacted were using specific bots and APIs that may have had an issue. However, Binance currently claims (hopefully so!) that no funds were lost during this API issue. However, even with no funds being “lost,” The price of BTC fell over 30% since its high March 4th. Should Binance rumors of a hack have collapsed the price of BTC 20+%? It should not have.
Binance and the SEC?!
How about the SEC stating they are keeping a close watch on ICOs and the crypto industry? Well, that should have had almost a negligible impact as well. The SEC for weeks has been saying they intend to regulate the crypto markets and their goal is to start with ICOs which until recently were rampant with scams and fraud. People should be ecstatic these markets are about to be regulated paving the way for institutional investments. However, the light in which an article is painted speaks volumes to market sentiment. Articles published in the last 5 days (since my lovely vacation started) have all painted these occurrences in a negative light.
No articles have come out correcting or debunking a Binance hack. If I had not checked the Binance Twitter feed I’d wonder if funds were missing or not. The news agencies are painting crypto in a negative light using outdated news (SEC regulators have been active for months) and FUD (Binance was not hacked according to them). This allows whales to accumulate at BTC prices under $10,000 and altcoin prices on deep discounts. Soon the ‘sentiment’ of major news agencies will shift and once again a bull run will begin.
February saw BTC dip under $6,000 while the first week of March saw BTC approach $12,000. Most individuals are so caught up in the fact BTC was almost at $20,000 in December that they do not think to actively invest or trade these “rebounds” BTC has on a regular basis. These shifts in BTC’s price amounts to gains that financial investors dream about making over the course of a year. February buyers saw their investment appreciate between 20–100% depending on when they decided to sell. Not bad for one month’s investment return.
However, the mainstream media would have you believe the crypto world was crumbling. With TokenFest coming up in a week and major coin events all month it is likely this was a week of FUD which will be followed by a pump in pricing. Purchasing in the $8,000 range allows for profits of over 25% when you are able to sell above $10,000. BTC should once again flirt with this $10,000 number in the immediate short term.
Currently articles in major newspapers are being written with a negative sentiment. SEC regulations should drive the price of BTC and alts higher, not lower. Unless the article frames the news as if it is “bad news.” The problem is articles are framing regulations as if they are a bad thing; if they were framed in a way that stated how scams and fraud would be removed and investors would benefit, the opposite may occur. Instead of BTC dropping each time regulations occurred, it would trend North as more people trusted the crypto space.
The Truth Doesn’t Matter, The Market Overreacted
The truth about Binance will come out soon. Either way, if no funds were lost, or Binance is covering them, why did the total crypto market cap fall over 25% this week? If the SEC has already been hounding ICOs why did a reiteration of this two days ago create panic? Market sentiment. Crypto markets live and die for market sentiment. When sentiment is highest it is time to sell, when it is lowest it is time to buy. Crypto enthusiasts are doubting crypto this week, if you have cojones this is the week you buy.
We accumulate when there is blood in the streets. Buy low, sell high. Today is a great low to accumulate at.
These ICOs are still up and kicking even after some government intervention (click the ICO name to purchase)…
Vestarin ICO (ICO just Started…Pre-sale Hit $3million Hard Cap)
Vestarin’s presale ICO period ended three days ago. They raised 3000ETH (hard cap) during their pre-sale and are moving forward full steam with their ICO. During the regular ICO period VST will drop to a ratio of 1500VST per 1 ETH. Currently your bonus percentage is still much higher than that! The team is being led by the Dan Blizerian of Eastern Europe (huge publicity).
Mobilink ICO (Unlimited Free Cell Service and Data…Worldwide)
Mobilink- Promises free voice and data around the world. No roaming, no cell phone bills. The user solely swaps in a Mobilink SIM card and they are ready to go. To get involved in their ICO…
VINChain ICO (Close to Soft Cap, Bonus Reduces at Soft Cap)
VINCHAIN is currently offering 24,000VIN per 1ETH prior to the soft cap being hit. The hard cap is 23,250 ETH (approximately $20 million). VIN started with a very meager bonus and that will only continue to decrease following the soft cap being reached. A car’s history on the blockchain, guaranteeing tampering with odometers and accidents is recorded properly.
KYC Legal ICO (Only 12% Bonus Remains)
More than half way to its hard cap and it has the ability to solve one of the biggest issues in blockchain and ICOs. The Know Your Customer (the dreaded KYC form). If you’ve completed an ICO recently you know the form I’m talking about. KYC is calling their concept a “Universal alternative to Personal IDs,” on the block chain. Their ICO is ending very soon with an 12% discount from the final ICO price still available.
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