Bitcoin fanboys rally as prices tank
 

Talking up the value

Bitcoin and other cryptocurrencies have experienced a major sell-off this week following China’s crackdown on the sector, but it is starting to look like the crypto fanboys are trying to talk up the currency again.

The Chinese government is shutting down Bitcoin farms in the country and the value of the currency has fallen dramatically. It followed reports saying that China’s central bank had a meeting with banks and gave instructions to freeze all payment channels supporting cryptocurrency trading.

Around $400 billion in value has been wiped from the total digital currency market since Friday when a major Bitcoin mining hub ordered miners to shut down operations.

Normally, those who have invested shedloads in the currency take to the interwebs to try and talk up the price again with bullish rallying cries.

Nigel Green, chief executive and founder of deVere Group, said that for serious crypto investors this week has not been a major cause of concern and more a case of ‘here we go again.’

"For many investors, experienced and less experienced, the new lower prices triggered by the panic-selling, will be used as a key buying opportunity. Even those in China – which is a major market for Bitcoin and the wider crypto sector - will find ways to navigate their way around the system and top-up their portfolios at the lower entry points.

https://fudzilla.com/news/53098-bitc...as-prices-tank