When markets are volatile and crashes occur, the majority of people are cashing out and taking profits or panic selling. There are some, however, who see opportunity in the sea of red and buy up at lower prices. This is exactly what has been happening in Singapore this week when Bitcoin ATM machines ran dry. […]
When markets are volatile and crashes occur, the majority of people are cashing out and taking profits or panic selling. There are some, however, who see opportunity in the sea of red and buy up at lower prices. This is exactly what has been happening in Singapore this week when Bitcoin ATM machines ran dry.
According to reports, Bitcoin machines in downtown Singapore sold out of the virtual currency yesterday as prices plummeted below $10,000 for the first time since the end of November.
Lions and Bulls
Amid more confusion over clampdowns across the Asia Pacific region, prices fell and markets dropped as much as 40% since highs just after New Year. Much of the impetus for crypto market prices originates in Southeast Asia where they are traded heavily. Western media outlets, such as Reuters and CNBC, amplify the FUD when they misreport about total clampdowns that have not occurred.
Singaporeans, however, remain unperturbed and have been snapping up the digital currency at low prices. One café manager who has a Bitcoin ATM told media:
We had to put an ‘out of service’ sign at our machine. Over the past two days, we’ve had 20 to 30 people line …
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