Ethereum has been dropping alarmingly fast. I know that every coin has been going down significantly, but Ethereum seems like it has been fairing worse than many other top 10 cryptos.
The main reason that Ethereum has been struggling so much in the past few days is that the SEC stated that there were dozens of ICOs being investigated. That single newsline essentially destroyed Ethereum overnight.
In case you don't already know(you should if you own Ethereum), Ethereum is used by other companies that want to launch their own token. You can use the Ethereum Blockchain to build your own application, game, or ICO.
I suppose that there is a great fear that the SEC will shut down the dozens of ICOs that happened to be built on the Ethereum Blockchain, or maybe some people are even afraid that the SEC will shut down Ethereum completely. The people that think that clearly don't understand the power of decentralization. Not to say that some governments couldn't make owning Ethereum illegal somehow, but how would they really know?
I am personally not worried about the current dip in crypto. I am not sure where the bottom is, but no one knows where the top is either. We tested the 19K range last time, but who knows how high the next pump will go? All I know for sure, is that I can see big gains in the future.
Ethereum could continue to drop over the next few days, but I really don't know what to expect at this point. I just don't think ICOs getting in trouble or investigated will really hurt Ethereum in the long run.
To the moon,
