Good morning all,
I wanted to take today to talk about the recent downswing in the crypto currency market. Over the last two days, virtually all coins in the top 100 based on market cap have dropped a significant portion, with some dropping over 30% overnight.
The recent December addition of new investors led to an increase of over US$200 billion in the market.
Recent news accounts that China want to place more regulations on cryptocurrency, which sparked the initial fear which led to sellers panicking and selling. To top it off, The Ponzi scheme bit connect finally shut down it’s lending portion and this caused the Bitconnect coin drop from $300 to less than $20!
Others believe that lunar new year, which is coming soon, is the reason why so much money has been removed from the market. With holiday spending spree’s, most investors are looking to spend their hard earned money from their crypto currency gains.
In my opinion, all of the points addressed above collectively add up to the decline in the crypto space as we seen over the last two days. For those that are smart, this is the perfect time to invest in your favorite coins which have a working product, as it will maximize your profits when the markets regain exposure.
For those that are smart, this is the perfect time to invest in your favorite coins don’t have you working product, as it will maximize your profits when the markets regain exposure and form new all time highs.