It’s another one of those days in cryptos where it seems like everything is down.
And based on the top 10 from coinmarketcap below, most of the top coins are down.
Bitcoin, which reached a high of nearly $5,850 this week, dropped as low as $5,150 today, cutting 12% of its value. Like in most cases it has rebounded fairly quickly and is now back above $5,500.
Let’s take a look at the news today and see what’s causing the crypto sell-off.
What’s apparent now is that investors do not ‘fear the fork’ anymore. Prior to the Bitcoin Cash hard fork we had a nasty sell-off. That hasn’t happened this time around, even with two potential hard forks on the way.
The biggest fear now can be summed up in one word – regulation.
Earlier today the CFTC released a report that got the regulation fears going again. It agreed with the SEC and said that virtual tokens used in initial coin offerings were characterized as securities, and thus could be subject to regulation.
Per the CFTC, "there is no inconsistency between the SEC's analysis and the CFTC's determination that virtual currencies are commodities and that virtual tokens may be commodities or derivatives contracts depending on the particular facts and circumstances."
The uncertainty will remain until these regulatory agencies figure out how they’re going to treat cryptocurrencies.
Not helping matters was the announcement from Bitfinex that it was getting out of the U.S. It just doesn’t want to deal with the regulatory headaches.
All U.S. users will start being blocked on Bitfinex starting November 9.
Then there’s reports of mysterious account closings on Bittrex.
It looks like most of those accounts are from countries like Iran and Syria. Nevertheless, it’s concerning the markets.
One potential area for good news is ironically, China. They’re holding the 19th National Congress today. Many speculate they’ll make blockchain announcements after it’s done. We’ll see.
So what to do in the meantime?
Keep calm and hodl !
For more on cryptos follow me @g-dubs and on SteemFollower
Buy Bitcoin, Ethereum, and Litecoin at Coinbase and mine with Genesis – use code jWxfye for 3% off
thanks for it....
Nice job like it!
So this is why cryptos are falling down... hope they will recover fast, and the regulations do not bring something terrible in the game!
I'm sure the regulators will cause a lot of volatility!
what do you mean by saying hodl
is it like hold or what
read here - https://bitcointalk.org/index.php?topic=375643.0
great meme
i will always support you man!!!
Thank you!
Another reason why bitcoin in king. Always have the majority of your investment in bitcoin. Then dabble in Alts. Alts will always be effected by bitcoin gains/losses. Until an exchange is developed that can deal fiat to alt exchange everything is bitcoin reliant.
Agreed my largest holding is BTC ;-p
Great re-cap of what's going on in the crypto markets today
This is my first day on Steemit and I'm happy to have found your page, I look forward to keeping up with your updates! And a big thanks for being my first follower!
Cheers!
Thanks for reading, cheers!
This post has received a 14.29 % upvote from @buildawhale thanks to: @g-dubs. Send at least 0.50 SBD to @buildawhale with a post link in the memo field for a portion of the next vote.
To support our curation initiative, please vote on my owner, @themarkymark, as a Steem Witness
img credz: pixabay.com
Nice, you got a 5.0% @minnowbooster upgoat, thanks to @g-dubs
Want a boost? Minnowbooster's got your back!
The @OriginalWorks bot has determined this post by @g-dubs to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
For more information, Click Here!
Special thanks to @reggaemuffin for being a supporter! Vote him as a witness to help make Steemit a better place!
@reported has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
To receive an upvote send 0.25 SBD to @minnowpond with your posts url as the memo To receive an reSteem send 0.75 SBD to @minnowpond with your posts url as the memo To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memoThis post has received a 5.03 % upvote from @booster thanks to: @g-dubs.
This post was resteemed by @resteembot!
Good Luck!
Curious? Check out:
The @resteembot users are a small but growing community.
Check out the other resteemed posts in resteembot's feed.
Some of them are truly great.