Daily: What's holding the BULLS back???!!

Boxmining

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Description

The community is expecting a bull push ahead of the biggest Blockchain Event next week: Consensus 2018. However, it seems like there are 2 FUD sources hold the bulls back and bringing the bears in. ...

The community is expecting a bull push ahead of the biggest Blockchain Event next week: Consensus 2018. However, it seems like there are 2 FUD sources hold the bulls back and bringing the bears in. 👍🏻Subscribe to Boxmining for Daily CryptoNews and #Altcoin explainers: https://www.youtube.com/c/boxmining 👑Recommended Exchange - Binance: https://goo.gl/joe55C 🔒Hardware Wallet: https://www.ledgerwallet.com/r/428b 📲Mobile Wallet: https://enjinwallet.io/ Download the BRAVE browser (No ads, no tracking): https://brave.com/box831 ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Telegram groups: Telegram Discussion Group: https://t.me/boxminingChannel Telegram Announcements: https://t.me/boxminingChannel ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● ♨️Social: Steemit: https://steemit.com/@boxmining Twitter: https://twitter.com/boxmining Facebook: https://www.facebook.com/boxmining ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video. ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● I talk about: #Bitcoin #Ethereum #Cryptocurrency #Crypto #Altcoins

AI Analysis

The crypto market is currently experiencing a 5-10% dip, dropping the total market cap to around $405 billion. This downturn is surprising, as the community was anticipating a positive push ahead of Consensus 2018, a major blockchain event in NYC that historically spurred growth. However, this dip is being driven by two main sources of "FUD" (fear, uncertainty, and doubt) that are holding back the bullish sentiment.

Here's a breakdown of what's happening and what the presenter feels about the situation:

* Market Dip Despite Positive Outlook:
* The crypto market is seeing a 5-10% dip, which is contradictory to the general public sentiment.
* There's a lot of expectation for "Blockchain Week" in NYC, starting with Consensus 2018, as historically, last year's Consensus event saw the market take off due to increased exposure and positive sentiment.
* Despite this potential for positive momentum, the market is currently dropping.

* Korean FUD (First Major FUD Source):
* News from South Korea indicates that Upbit, a major Korean exchange, is under suspicion and has been accused of fraud by Korean prosecutors.
* Allegations state that Upbit has been transferring customer funds to a separate personal account belonging to one of its executives.
* This scandal is causing significant FUD in South Korea, directly impacting the market.
* The "Korean premium" (where crypto prices in Korea are typically higher than global averages) has now turned into a "Korean discount," meaning prices there are currently lower.

* Mt. Gox FUD (Second Major FUD Source):
* Another 8,200 Bitcoin has been moved from the Mt. Gox cold wallet (a secure, offline storage for cryptocurrencies).
* This movement immediately causes fear among investors, who worry about a "dump" (a large sale of coins that could crash the market).
* People have been closely watching these wallets since it was discovered that the Mt. Gox trustee, who was supposed to sell recovered Bitcoin from the 2014 disaster without disrupting the market, seemed to cause price dips with previous large sales.

* Consensus 2018 and Blockchain Week:
* Consensus is a significant conference featuring major players and discussions, including topics like layer 2 scaling solutions. It's considered the biggest event in the industry.
* The event has grown beyond just "Consensus" into an entire "Blockchain Week" in NYC, with numerous other talks and events like Token Summit and DLT Education organized around it.
* This "Blockchain Week" is important because it brings together many people, fostering meetups, networking, and the spread of new ideas about blockchain and its future applications.

* Presenter's View on Market Volatility and Adoption:
* The market remains highly volatile, and it's impossible for "normies" (regular investors) to predict cryptocurrency prices; only "whales" (large holders who can manipulate prices) might control pumps and dumps.
* The presenter believes that the true long-term value lies in the adoption of technology, which events like Consensus and Blockchain Week significantly push forward.
* Drawing a parallel to five years ago, there was extreme skepticism about cryptocurrency, with even Wired magazine concluding that free Bitcoins were "worthless."
* However, the industry has achieved so much in the past year, and public perception has significantly shifted; crypto is no longer just "nerd money."
* There's increasing mainstream discussion about a new, decentralized internet (even on HBO), and ICOs (Initial Coin Offerings) are now competing with traditional venture capital for fundraising.
* The presenter suggests that future "unicorns" (startups valued at over $1 billion) might emerge from the crypto space rather than traditional VC.
* The presenter is excited for Consensus Week and is looking for community input on projects to research and highlight during the event.

Transcript

Hey everyone, my name is Marko and welcome to today's Box Mining Daily. We're going to take a look at the market today because a lot's happening in the market and it's contrary to the public sentiment because the markets are going down due to Korean FUD, whilst we're all really excited for the Blockchain Week next week in NYC starting with consensus. So there's a lot going on in terms of the industry and there's a lot of expectation right now on the market. So we're going to talk about all this...

Hey everyone, my name is Marko and welcome to today's Box Mining Daily. We're going to take a look at the market today because a lot's happening in the market and it's contrary to the public sentiment because the markets are going down due to Korean FUD, whilst we're all really excited for the Blockchain Week next week in NYC starting with consensus. So there's a lot going on in terms of the industry and there's a lot of expectation right now on the market. So we're going to talk about all this and my view on this current situation as well. I do want to say that everything covered here is my personal opinion, not financial advice. So taking a look at the markets, we're taking a 5 to 10% dip for the crypto markets. We have the squeeze coming in. We're dropping to almost $405 billion in terms of market cap. So why is that happening? Because it seems like the public sentiment is that there's going to be a huge conference next week and we should be quite positive for that because we're getting more and more people exposed to cryptocurrency and some announcements are coming in too during consensus week. Obviously last year it was during consensus where everything took off. If you look at early May, this was during the week of consensus where everything just went up because of all the positive sentiment, the people seeing the potential of cryptocurrency. So why are we dropping before consensus? Well, it might be because of Korean FUD. So it seems like the news coming out of Korea is that Upbit, one of the major exchanges there, they're being suspected and accused of fraud. Korean prosecutors have alleged that Upbit has been transferring customer funds to a separate personal account. An account belonging to an executive at Upbit. So this is causing a lot of scandal and a lot of FUD in South Korea. And that's probably one of why we're seeing that drop right now. And this is probably expressed by the Korean sentiment as well. If you look at Korean prices for crypto, it's a little bit lower. So that's why the Korean premium is now becoming a Korean discount. Another potential source of FUD is from Mt. Gox. So it seems like Mt. Gox has moved another 8,200 Bitcoin from their cold wallet. So people are like, oh my God, are we dumping again? They're eyeing those wallets. We've been eyeing those wallets ever since we discovered that the Mt. Gox trustee, the guy who was meant to sell off these recovered Bitcoin from the Mt. Gox disaster, well, he was meant to sell them and not cause a market crash. But people plotted the dumps of the Mt. Gox coins with the market prices. And every time there seemed to be a dump. So that is why the market is taking a little bit of a dip today. But that being said, of course, it's Consensus Week coming up. Well, let's take a look at what is Consensus. Well, Consensus started off as a big conference and it features major players like Don Taff, Scott. We got big discussions about layer 2 scaling. It's meant to be the biggest event in the industry. And anybody who's anybody wants to go to the Blockchain Week. And you can see that because it's not just Consensus that's going to be the only conference now. It's followed by something called the Blockchain Week. So there's going to be a huge bunch of talks in NYC kind of built around Consensus because everyone's there anyways, right? It's all about those meetups. It's all about just hanging out with different people, letting those ideas spread. So this is why there's so many different events all organized around it, be it Token Summit, be it DLT Education. So this is why it's the Blockchain Week now. It's not just going to be one event, but it's going to be multiple events for everybody, all just talking about Blockchain and its future applications. So here's my feeling of this. Whilst the markets are as volatile as ever, and I don't believe that anyone can predict the price of cryptocurrencies. If they do, then they're a big whale and they control the pumps and the dumps. For us normies, it's pretty much about the adoption of technology, which is always going to get pushed forward by these events. So what I see is from last year, that's that people, once people start gathering together, learning about cryptocurrencies, that's when people are like, oh, wait, can we do this with this? Can we do this with this technology? Can we do that? And, you know, I saw this cool article this morning, basically a five-year-ago article by Wired. And it was, you know, five years ago, this technology wasn't as solid. People were so doubtful about cryptocurrency. And what happened was that they were looking at these ASIC miners and Wired concluded, you know what, let's just throw away these free Bitcoins that we got away. It's worthless anyways. It was a skepticism that I think is good to be skeptical in this space. But also, you got to see and admire the achievements we have done in this space. There has been so much going on over the past year. And crypto has really changed in people's mindsets. You can see that it's infiltrating people's minds. It's just not nerd money anymore. We've been seeing more and more talk about the new, new internet, decentralized internet on HBO. And we've been seeing ICOs competing against virtual capital to raise money. And there's talk now that, well, the unicorns are going to be gone now. The unicorns are not going to be in the VC space, but in the crypto space. So there is such a big change in people's mentality now. And guys, what projects do you want me to check out? I'd love to hear your opinion in the comments section below. And I'd love to show you guys as many projects as possible during Consensus Week. Thank you guys so much for watching this video. I hope you guys are excited as I am. See you guys later.