The crypto markets are seeing red yet again, in a major way.
(Source: https://coinmarketcap.com/)
Bitcoin is down to around $7,200 with very few bounces in sight, which likely means that there is still lower prices yet to come.
This represents a drop of about 1.5%.
The altcoin market is taking things much harder.
With most coins down somewhere in the 5%-10% range.
(Source: https://coinmarketcap.com/currencies/steem/)
Unfortunately for steem holders, it is near the top of that list down 11% currently.
The entire crypto market cap now sits just above $300 billion, the lowest it has been in some time.
(Source: https://coinmarketcap.com/currencies/steem/)
The real kicker in all of this is that there really hasn't been one news event that is driving the weakness.
On the whole I would say the news has been a net positive over the past week or so, which makes the current decline all the more painful.
We have had several potential custody solutions come out, which should be one of the major hurdles into getting institional investors in the space.
Prices aren't really going up on positive news, but are going down significantly on negative news. Which leads me to believe that kind of price action likely indicates prices have not bottomed yet.
On days like today is a good idea not to check the prices, it will only get you down.
Go out and spend some time with family and friends and enjoy the holiday if you are here in the US.
There will be better days ahead.
The infrastructure continues to get better and strengthen while price continues to slide, that setup is a good one to be initiating a long position in.
Prices may not be ready to bounce back just yet in the next few days/weeks, but by the end of this year I would expect prices to be significantly higher.
Stay informed my friends.
