RECAP WHY MARKET DUMP....

[valnd]

I have read in many comment where community members keep asking why market is in red. Well here is a recent FUD that hit our dear crypto space few days back.

News from Japan 🇯🇵

Japan announced it would take action against cryptocurrency exchanges that currently do not comply with the Financial Service Agency’s customer protection and anti-money laundering measures. There is a chance that the FSA will indefinitely shut several exchanges; this potential punitive action is likely to ensure exchanges are granted time to create the proper procedures to protect consumers. The exchanges that are to be targeted remains unknown; however, it is ostensible this news has shaken investors, contributing to the market’s sharp decline.

Read more here: https://goo.gl/E2MnCr

SEC Press Release 🇺🇸

The SEC just released a statement regarding potentially unlawful online digital currency trading platforms.  Since exchanges have become a common place to trade and sell ICO tokens, and other coins that are considered securities under the federal securities laws, then the exchange must comply with the SEC as a national securities exchange to be exempt from registration. This statement falls in line with the remarks the SEC made at the Virtual Currencies Hearing in February. The statement reaffirms that if investors want protection from the asset trading they are partaking in, they must use exchanges that are registered with the SEC.  The SEC worries that many consumers believe the exchanges they use are SEC compliant, but, the truth of the matter is, few, if any, virtual currency trading platforms are SEC compliant, thereby subjecting users to potentially unlawful acts. 

This clarification is necessary for investors.  We believe this is just an edifying reminder from the SEC that aims to create more vigilant, cognizant consumers. The SEC is doing their due diligence by alerting participators in these markets that they may be interacting with entities that are not SEC regulated. They are not saying that these companies have to be regulated to continue operations.

The press release can be found here: https://goo.gl/rCaeT3

Whale sells $400mm in BTC

Not exactly...Mt. Gox (yes, that Mt. Gox) sold around $405 million worth of Bitcoin and Bitcoin Cash over the course of the past two months.  The details of the sale were published today, March 7th, by trustee Nobuaki Kobayshi. This didn't just happen, it's been ongoing, but the details of the sale were just published today: https://goo.gl/8sWjLo

Binance Hacked!

Actually Binance was not hacked. However, there were users that had their account compromised and it looks to be due to faulty API integrations that had security volunerabilities. An important reminder to be very cautious using ANY tools that use API to connect to your exchange accounts, and not to keep the majority of your assets on an exchange at all.

All of this FUD happened on the same day and has caused a huge stir and a lot of panic and made some weak hands to start selling off.

Hopefully in coming days we will hear good news and hopefully we will go back to green and bullish days.

What do you think about the news? Is there any other FUD you might think contributed ?

[Kryten12]

I don't think the news cycle from yesterday has much to do with it as the sentiment the previous day was pretty much the same. The markets seem to be still trying to find a base level to start from, I was just hoping that would have happened in February rather than April!

[poypototoy]

Did you read the official statement of binance? of course they were hack and they wont admin it because of their reputation only those people who doesnt know what they are talking would bite the bait.API is too vulnerable and that is only the excuse,not only those people who are using bots but also those who doesnt,phishing attacks is considered as a hack.Read their official statement they called these attackers a hacker ? because it was a hack attempt.

Their reputation would be at risk if they have told the truth luckily binance had fast moves to disable those widrawals.

[terible.hunter]

Yes it really is, I also read this news and they really tell the truth. But all this is just a temporary phenomenon because the SEC will still register everything that is needed and Japan will also approve everything. Most likely someone just started to be greedy and here's the result.

[Ceballos]

News from Japan 🇯🇵

Actually this not a totally bad situation for me. Regulating scammers and money laundry will cause a market dump but it has some good impacts to future of crypto currencies.
SEC Press Release 🇺🇸
SEC regulations for ICO and tokens will make some problems for US residents. Its already hard for them to invest in a legit ICO cause all legit ICO projects are not allowing US residents to join crowdsale.
Now it will be more hard for US residents. This will impact to upcoming ICO projects and its more hard to raise enough money for now.
Whale sells $400mm in BTC
Actually he is selling stolen bitcoins from MTGOX the main reason for market crash will be cause of this whale.
Until he sold all coins market cannot turn to green again.

Lets wait to touch 6k for bitcoin than we can start to rise again.

[Valzador]

the core that results in the price of all the down coins is the mtgox that sells all their bitcoins, it is very vital.

[Barcode_]

There are too much negative news coming together at the same time and this have greatly affected the confidence of investor investing in crypto-currencies, I think the month of march might be a terrible month for traders who have bought bitcoin and altcoins at a higher price in the month of February.