No way! The current drop started from China’s government decided to make cryptocurrencies illegal. That also triggered Korean Justice Department stating out unofficial words regarding shutting down of cryptocurrency exchanges in Korea. I initially expected about 50% price drop!
It ended at the 30% drop. Here is why.
First of all, China has many neighbors. They have Hong Kong, Taiwan, Thailand, and even Japan near! They can easily move their mining and trading operations to any near countries. Sure it will be dragging and time-consuming to set up another trading accounts or mining places, but people who have been in this industry know that the future money, even the fiat, is somewhere in cryptocurrency. We all are going to go digital money sometime near future. It’s unavoidable path. No one knows which cryptocurrency will be the one but I am pretty sure it won’t be BTC. Why? No government can control/track transactions.
Secondly, as soon as the Korean Justice Department’s statement gone public, there were flooded phone calls and emails regarding the regulation of cryptocurrency. Sure, China is still a socialist country, however, Korea is a republic. They cannot just shut down the entire operation. If you never been to Korea, you may want to try. It’s a small country but internet speed is #1 in the world. You will see LED screens on each bus stop telling which bus will arrive within how many minutes. You will see digitalized maps on each subway stations showing maps that can zoom in and out, search interest (just like the Google map), and so much more. It’s the highest technology that you can ever think of. Due to that reason, all financial transactions are traced. It’s very hard to find a loophole to avoid paying tax. They also have one of the toughest financial regulations in the world to control over overseas wire transfer. Unless you are one of the huge company, money laundry is virtually impossible. Getting back to the Korean Justice Department, after the statement the Whitehouse Spokesman spoke in public that the statement by the Korean Justice Department is not official and they will consider regulation but not shut down the cryptocurrency exchanges. Immediately after, all cryptocurrency prices started to recover to some degree.
I say this is one of the best chance to stock up some more of cryptocurrencies just like the dip back in December of 2018.
Long live the crypto!
Sol 