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China Crushes Bitcoin; Opportunity?

Hello Followers,

As many of you likely know, BTCC (one of the largest exchanges in China) has decided to cease trading for Chinese customers beginning September 30th. This has sent the cryptocurrency market into a downward spiral, causing panic and also great opportunities. However, at this point, I recommend holding off on buying as there is too much headline risk currently.

However, I do see a potential buy opportunity cropping up for Litecoin. Litecoin was one of the few cryptocurrencies that barely moved through the bulk of July and August, sitting between $40 - 45. While other cryptocurrencies skyrocketed, such as Bitcoin's move from $2,700 to $4,000, Litecoin traded flat. It later exploded up to $90, before the whole cryptocurrency market began to correct.

At this point, Litecoin is well on its way back to that $40 - 45 range again while Bitcoin is still 30% higher than it was before August. At the time of writing this, Litecoin is currently worth $51.50. It's gone down all the way to $47 at one point during this crash. Currently I have a limit order in at the $41 - 42 range. The risks? Over 40% of Litecoin volume is in China while it is only 10 - 15% for Bitcoin. Hence, it is much more impacted by the Chinese markets. I still consider it a good buy on the lower end of the range. As always, be cautious and use your own due diligence and judgment to make investment decisions.