After some brief return to stability, cryptos are under the gun over the last 24 hours. In a massive correction, the market cap has dropped down all the way to $459 Billion as I write this. It wasn't long ago, that we were above $800 billion, and certainly fairly firmly above $600+ billion for a sustained period.
There are basically no winners in this decline. Rather then a rotation out of weak coins to stronger, it is hitting everything with really zero exceptions.
Bitcoin is down 27% in 24 hours. Many of the other top 20 are down up to 50%. Being blamed are the usual assortment of issues. Perhaps at the top is government regulation. Stories continue out of China and South Korea about strong regulation and even elimination. It has clearly shaken the market and the weaker hands are probably gone in the panic.
Regulation stories are going to be something cryptos are going to have to contend with. Government's are not going to stop and let this run independently. There is going to be oversight. Once this is accepted and perhaps priced into the market we can see a return to some stability. Many will also see this as a great buying opportunity. If you believe in the long-term story, then indeed, this perhaps could be one of those time we'll look back on in a few months. Many wishing they had gotten in perhaps.
THAT IS WHY I PREFER TRADING RATHER THAN INVESTING IN VALUABLE CRYPTOS
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