Asia responsible for the latest round of FUD

in #bitcoin7 years ago

News coming out of Asia has likely been the main driver of Bitcoin weakness over the last 24 hours.

What else is new, right?

Asia has moved the markets basically since bitcoin began as much of it's trading has traditionally come from that region.

Whether it be from China, Japan, or South Korea, Asia has traditional dominated bitcoin trading volumes.

That region has moved the bitcoin markets more than any other.

What's the latest?

Rumors came out stating that:

"Japan FSA plans to issue a warning against Binance, Nikkei says."

Which basically is saying that Japanese regulators are going to bring some type of regulatory action, or warning, against the Binance cryptocurrency exchange.

Bitcoin dropped roughly 5% on the news.

The CEO of Binance was quick to respond with this:

(Source: https://twitter.com/cz_binance/status/976783934074732544)

The CEO seems to be saying that the headline from the Nikkei was false or premature.

Either way it sounds like typical FUD being spread about.

More about the news can be read here:

https://www.bloomberg.com/news/articles/2018-03-22/bitcoin-falls-after-report-that-binance-faces-warning-in-japan

Update to the story:

Then a few hours later this came out, updating the story:

(Source: https://twitter.com/ETHxCC/status/976749379477389313)

Basically it sounds like Binance will need to register in Japan, follow the appropriate KYC/AML requirements, or get the heck out of Japan.

Which to be honest, makes sense.

Binance isn't technically registered in Japan and they don't follow the same standards that Japanese authorities are imposing on local exchanges.

This is all part of the process.

This is all part of Japan cracking down on exchanges in order to create a more regulated trading environment.

I assume we will be seeing much more of this type of news all over the world as exchanges are brought up to speed on normal broker/exchange requirements.

The US is likely about to do similar things to local exchanges as well.

Stay informed my friends.

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https://asiasociety.org/blog/asia/interview-bitcoin-advocate-claims-currency-comes-power-also-responsibility

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Thanks for the info; full STEEM ahead! 💰💵💰

imposing fear to people is = money!

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I think it’s all could be propaga ... before the hero ”Binance” announcing it’s new decentralized exhange .. so big whales could full out their pockets of BNB at a low price before price jumps after this announcement !

Very interesting thought. I think BNB is a solid investment either way. As soon as an exchange can offer fiat -> crypto assets the way that coinbase does but with the availability of coin options that Binance has is when we will start to see a big new adoption phase in crypto. Right now most people who aren't serious or who may just be casual investors or are casually interested can only buy a few select coins. The process of transferring and different exchanges sort of scares off some people. If Binance could introduce a fiat to BNB avenue it opens the doors to so many users who might be otherwise put off by the amount of steps and fragmentation of their portfolio. Just my 2 cents.

Yep 👍🏼 ! I forgot that feature too .. fiat feature maybe closer than decentralized exchange .. which would make a really huge difference!
Thanks for your valuable comment 😍

I can't wait for the good DEX.Im tired of all this regulations,limits,and all the things related to exchanges this days.

Thanks for your nice comment. Glad you found a common point to agree on together 🙏🏼😍

Just an opinion for a not impossible senario !

Sounds about right.

Regulation will ultimately come no matter what. It will benefit the market as more potential participants get more clarity on what can be done. It will also give confidence that fraudulent activities will be reduced. Unfortunately, the media always tries to exaggerate to get more views.

I agree. It will ultimately bring in more investors, though it might be painful while going the process.

Ok, so the way I see things, it seems that it's possible to see Bitcoin price dip to $5000 again since people are so stupid to believe in such nonsense news. I guess I need to save some fiat to reserve for that day to come. One thing is for sure, crypto and blockchain tech will definitely exist even more in the future so I wouln't mind those scared cats running away from opportunity.

I hope it does. I don't have all my cash in yet. :)

Oh look, crypto, especially Bitcoin is bouncing back after it hit the predicted 8.5k channel bottom. I don't think you understand the concept of fake news. It's intended to artificially detriment the subject by causing FUD among the ignorant.

Haha I understand it perfectly well, though I wouldn't exactly call it "fake news". It is real news, just only a smaller sliver of it, stretched to sound much worse than it is. Hence FUD.

Not again....

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The news updates are good because everyone always has their own interpretations to make. As long as I have a veritable piece of the puzzle, I can make my own assumptions about the future. Looking forward to hearing more updates on the tech side of things though.

Crypto regulation probably will start with regulation off exchanges. This is the easiest ways for governments to do and to get their undeserved piece of the pie.
But maybe this will create some trust with the non investors, brying fiat money into the cryptomarket!

Yep, agreed. This was always coming. It will be interesting to see what happens when there are decentralized exchanges.

I wonder how they want to control this. Cause it is almost impossible. I do think that they will try anything to prevent this! But time will tell!

They will try.But who knows...There is always tor network,good DEX there would be killer for any kind of control.They can only shut down internet. :)

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