The Cryptocurrency Download: Bloodbath In Exchanges, China Expedites Ban, Traders Panic, Gramtoken.io ICO Fake

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Dear reader,

The excitement never ends when it comes to the world of cryptocurrency. Most of the major coins are in decline, and the market is mostly in red today. Is the bubble finally bursting?

Nearly all of 20 top cryptocurrencies fell in value over the last 24 hours, with the exception of NEO and Monero. In the past 10 days, this is the third big fall in valuation. Many wonder if the decline is triggered by the news that China will expedite the crackdown on cryptocurrency trading and a censorship will be put in place. Maybe.

The real reason might be market correction. As Vitalik Buterin, the co-founder of Ethereum said before: “In the last 3 years, the crypto market cap has increased by 200x, but I definitely don’t feel like crypto’s potential has increased by 200x. In some key sectors (eg. payments) it has even regressed.”

How long this decline will last is something we need to wait and watch. Is it advisable to buy as the market is red? Or is it better to stay away, given that the correction is still not over?

In the meantime, interesting new ways in which scammers have been exploiting vulnerable new traders are being reported. For instance, around the time Telegram announced its ICO, a new scam service gramtoken.io emerged, claiming that it is the host of the upcoming Telegram ICO. Telegram CEO Pavel Durov took to twitter and labelled it a “scam.”

So, be careful with your money.

Additionally, traders of at least one service, Kucoin, have been having massive difficulty trying to process their withdrawals. “Hello, my Withdrawal for ETH shows Status Succeeded, but when I view transaction the blockchain, it is unable to locate this transaction hash,” is the complaint of many of the traders on Kucoin. Follow their telegram group for more.

We will keep you updated as the story evolves. For the moment, Happy Tuesday from us.

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