Ugly Night For Bitcoin On Renewed US Regulation Fears, Steem Does OK by lexiconical

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bitcoin · @lexiconical ·
$24.88
Ugly Night For Bitcoin On Renewed US Regulation Fears, Steem Does OK
<center>![Dump 1.jpg](https://res.cloudinary.com/hpiynhbhq/image/upload/v1520456146/racawxtohemonr0g93bq.jpg)</center>

<center>*Thank you sir, may I have another?*</center>

It feels like I've told this story before.

Bitcoin took a nasty dump last night, pictured below, on news of increased regulatory scrutiny of trading platforms by US authorities at the SEC. 

<center>![Dump 3.jpg](https://steemitimages.com/DQmSAPDuk7zmP9dFbHK9SDiRc9V53Zdz49tqpmreRLSLUYZ/Dump%203.jpg)</center>

<center>*Pretty ugly for minor, overnight news.*</center>

I had a quick read of the SEC's released memo and to be honest, it's not really a notification of any "increased regulatory scrutiny." It's basically just another generic, cover-your-ass memo warning investors to watch out for shit-coins because, and I'm paraphrasing here, "it being on an exchange doesn't mean it isn't a scam-coin or piece of hot garbage."

<center>![Dump 2.jpg](https://steemitimages.com/DQmVtSqaAnyiEPFPrMWiviFEKjxASemYg1r9tToNMWLbguh/Dump%202.jpg)</center>

Honestly, it's a point that is well-taken and perhaps there is another explanation for this dump that has not yet come to light.

Our friend Steem did fine during this dump, briefly following Bitcoin lower but rebounding to regain most of the losses. 

<center>![Dump 4.png](https://steemitimages.com/DQmPec6B5RTNL8weismKgMs6pTjkpZtkQXMCokakEKYWSyG/Dump%204.png)</center>

<center>*Of course, this chart is denominated in Bitcoin, so dollar losses followed Bitcoin.*</center>

I would expect the market to shrug this off as another non-event, but you never know in this wild market. If I was a BTC buyer with cash, I'd be looking getting in again before $10K.

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👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 21 others
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vote details (85)
@teukuyusril · 
your post is very good and I like it, I'm very glad when you stop in my post, if you do not want anything too because I'm quite happy if we become a better friend thanks
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@skytrex · (edited)
$0.64
This could have something to do with the binance hack --> dump alts for BTC and buy Via coin
👍  , , , ,
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vote details (5)
@lexiconical · 
Yep. In fact, I just posted about that.

Turns out it was a successful fishing operation, not a "hack", persay.
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@zemiatin · 
I still think that 2018 will be a good year for crypto but it seems like the rough start will continue for a bit longer that I expected. Well, I guess we need to be patient. Good things come to those who wait.
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@lexiconical · 
I agree. January is always rough. We're building a base here.
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@inalittlewhile · 
I can say with all honesty that when it comes to reasons why the market tanks, I have no clue. 

It is funny and I was just thinking how crypto news is so often portrayed. Other news too. It's all what happened after another thing happened. Kind of clever really to never say as a result of. Just something happened, then another thing followed. You draw the lines to connect the two. 

There was phishing on Binance like the comment mentions ad well. 

Some analysts were also calling for a completion of the inverse head and shoulders pattern of BTC. 

??????? :)
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@lexiconical · 
Makes you wonder if Haejin's price first, events follow isn't as crazy as it first appears.
👍  
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vote details (1)
@inalittlewhile · 
For all the shit that guy takes, he calls it right a probable amount of the time.
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@inalittlewhile · 
Look the news has changed this morning. "BTC Recovers as...." lol

https://www.ccn.com/bitcoin-dips-below-9500-briefly-market-recovers-as-binance-hack-refuted/
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@cflclosers · 
I'm glad you pointed out some reasons for the dip.  I don't feel like steem was ok but I think you have a handle on it.
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@lexiconical · 
Trust me, after being at $1 for many months, I still feeling like Steem is "doing fine."
👍  
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vote details (1)
@inquiringtimes · 
https://steemit.com/bitcoin/@acidyo/mt-gox-is-a-big-reason-for-the-bitcoin-price-crash-from-all-time-high

This article might have a better explanation
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@lexiconical · 
I saw that news story too, but it doesn't make sense to me. The timing is too after-the-fact. I guess it could be contributing.
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@weirdrat · 
The only regulation they can force is where cryptos and fiat meet for exchange .. and this finally will speed up the developement of a coin really able to PAY with and not use it as an object of speculation. They do one step- ok, do one further. Thats called developement.
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@yanes94 · 
I think it's time to go shopping;)

It's a pity that I do not have money to go to the super and wipe out the market in red :(
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@lexiconical · 
I, too, am short on dry powder.
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@yanes94 · 
Well, we only have to be spectators then :(
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