Bitcoin, G20 Summit, Regulation and Price Predictions

Crypto has taken a hard hit this week with the news of Google banning all Cryptocurrency related ads through their network. Some investors might think that now is a good time to buy this dip but I believe the market has a ways to drop through the month of March for several reasons. First the G20 summit is coming up next week where many countries will get together and “discuss” cryptocurrencies. This usually is not a good for Cryptocurrencies when financial representatives, many of them who do not understand cryptocurrencies or who are backed by the big banks themselves, come together to discuss policies. This usually turns out to be a crypto bash fest and the resulting news tends to send prices downwards. Second, even without the summit, most of the headlines I see on google right now are about regulatory tightening and crackdowns and those will usually drive prices down. Third, tax season is on its way and many people who were in early in 2017(which unfortunately does not include me) have large taxes to pay on Crypto and they may be selling off some Crypto assets to pay off those taxes and this effect won’t come off until mid April.
Because of these three factors combined, I don’t expect to fully invested in crypto until April.

Advertisements

2 comments

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s