Official News 23.10.2017 Cryptocurrencies Steadily Recovering after Slump

Discussion in 'MMM Global - English' started by MMM Global Support Team, Oct 24, 2017.

  1. MMM Global Support Team

    MMM Global Support Team Administrator

    You can contribute to MMM using one of the two options: conventional currencies and cryptocurrencies. We recommend using the second option as it's faster, more reliable and profitable.

    A short while ago the cryptocurrency market had a slump in exchange rates — a lot of popular digital currencies plummeted. The steep fall started after the Chinese cryptocurrency exchanges announced the forthcoming cease of trading due to the government policy.

    Moreover, shortly before (back in early September) China's government imposed a ban on ICO (Initial Coin Offering) across the country. These two events set off a panic among cryptocurrency traders and, consequently, a sharp drop in currency rates.

    Cryptocurrencies returning to previous values
    However, it was followed by information that two leading Chinese cryptocurrency exchanges — OKCoin and Huobi — would continue to operate; they would only be barred from buying/selling cryptocurrencies in exchange for RMB. Trading in cryptocurrencies in exchange for cryptocurrencies won't be restricted and will remain legal in China. No one has banned or is going to ban cryptocurrencies as such.

    In the end, most traders have realized that this decision of the Chinese government means nothing catastrophic for cryptocurrencies — the agitation faded away. A lot of them just moved to popular p2p platforms such as LocalBitcoins that are beyond the control of the state.

    The price of bitcoin has now returned to its previous values, even though there have been some fluctuations. According to numerous forecasts, the price of bitcoin is headed for new records. Steady recovery has also been demonstrated by other highly liquid digital currencies such as Ethereum (ETH), Bitcoin Cash (BCH), DASH, etc. Currently, capitalization of the cryptocurrency market has exceeded $ 135 bln although it was as low as $ 100 bln during the panic attack.

    Thus, cryptocurrencies have proved once again to be promising and independent of whatever measures the government takes. One way or another, the cryptocurrency market has been recovering and will continue to consolidate.

    Some forecasts regarding the price of cryptocurrencies in 2018 have already been published. Experts believe there's every reason for the bitcoin to cost over 10,000 or even more. The price of other cryptocurrencies is also expected to rise many fold.

    Announcement for social media:
    Once again, cryptocurrencies have demonstrated stability and independence of the state — after a sharp drop caused by the Chinese government measures the rates have been rapidly recovering. For details, go here.
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