It seems that at the moment wave after wave of FUD is really restricting the markets. BTC keeps creeping back up above $11,000 only to be hit by something else in the news which knocks it back down below $10,000. Thankfully we’ve not gone down to $7,800 level, but I don’t think that’s impossible by any means based on the general feeling. That said there does seem to be a fair amount of support at just below the $10,000 mark so hopefully we will stick here.
Regards the FUD, (Fear, Uncertainty and Doubt), it seems to me that this was expected. It’s certainly something I talked to friends about. For me, the fact that BTC hit $10,000 and then shot up to nearly $20,000 was bound to awaken government regulators around the world. They are all trying to work out whether this “new” phenomenon is a good thing or not, and frankly most likely figuring out how to make revenue in taxes from it. Some also see it as a threat to centralised money control, and perhaps to their position in control of the population. For whatever reason, the news from South Korea (which was originally taken as a ban, and then a restriction of anonymous trading, and now the news from India is causing a lot of noise and worry.
I’ve found it rather interesting that the platform coins (ETH, NEO etc.) seem to have weathered this dip better than the privacy coins (CLOAK, NAV etc.). It will be interesting to see how this turns around.