Another Monday Massacre in Cryptos… What To Do Now
The Chinese are cracking down on ICOs, and it’s putting a damper on the crypto market. More on that in a moment.
This isn’t the first big red day we’ve seen in the crypto space.
In fact, we had another one, not too long, and also on a Monday. That was June 26 and I wrote about it here. That Monday in June we saw the overall crypto market cap go from over $105 billion to under $95 billion in a single day.
We’re seeing much of the same thing this time around. The entire crypto top 10 is in the red. Check out the coinmarketcap snapshot below.
This time the move is actually steeper, as we dropped from $165 billion to under $140 billion on Monday alone.
Overall, peak to trough, $180 billion on September 1 to under $140 billion on September 4, we dropped 22.2%.
Will we drop more? Quite possibly. From the June 26 low we went on to lost another 33%. Should that happen now the overall market would fall to roughly a $94 billion market cap. That means Bitcoin might be around $2,700.
So what’s going on?
It seems the People’s Bank of China (PBoC) has banned all of China from ICOs.
The PBoC went on to say that raised funds should be refund. I’m not sure how that’s going to work.
Not helping matters is the fact that the SEC recently issued a warning about ICOs.
With the regulators clamping down I think we’ll see more projects moving to crypto friendly areas like Switzerland. It will be interesting to see what happens to the overall ICO space. This might slow things down for a while.
I plan to keep hodling. And if we see a pullback like we did in July, I’ll be a buyer.
For more articles on cryptocurrencies follow me @g-dubs.
Buy Bitcoin, Ethereum, and Litecoin at Coinbase.
Mine with Genesis – use code jWxfye for 3% off
Airbitz, the best bitcoin wallet
Need cash, got crypto? Try SALT Lending
Up your Steem game, try SteemFollower
Check out LBRY, the digital media library
Get crypto trading signals with CryptoPing
Writers, check out Authorship, decentralizing book publishing
Donate to the cause:
BTC - 1PPKMT8XXjByqiTZP7rDt74PoLzFqDJtA6
ETH – 0x37b355299c18574eb0422e8563afa0d1232cfccd
LTC - LPa4dc5hX5YzAeLT7nRQ86FDbayTEWPyUG
DASH - XhFeGe65EyA3PajDDEQr8deTrV5bUcBkmg
Need help saving? Try Acorns
Any investment that goes straight up without any kind of retracement is not healthy and probably a mania. Bitcoin is on fire, for sure, but I'm afraid many of its investors are expecting 100% gains every day and that is not healthy either. I'd like to see BTC hover in the 4500's for a couple of weeks before it's next leg up. It needs to build a solid base, otherwise the swings will be lethal.
Very true... the happier you are about your portfolio the more worried you should be
This is a serious pullback.. tough to see Steem heading back towards $1 for the umpteenth time, but I guess that's how it goes. I'm really hoping to see $2 steems as the standard by the end of 2017 at least.
Seriously @heymattsokol ... But I guess that means we can just buy more ? I'm also a little surprised by the longterm dip EOS has had. I think we'll see $2 Steem by EOY though. Hoping to as least triple my stack by then :)
Always a good time to buy STEEM! I generally buy a little too early.
Thanks for sharing this info
upvoted
check out for my blog
https://steemit.com/science/@sanzrasp/did-you-know-this-about-moon-shocking
Thanks, will do
Nice post
Good luck 👌
Thanks!
Man, now I want some lasagna ;-p
Hahaha!! Yeah it only happens once a week!! Great analysis Garfield =D
Thankyou for sharing @g-dubs
Thank you for reading @zul88
I love the Title " Monday Massacre" haha. Nice post @g-dubs :)
Thanks! Lol, tongue in cheeks... alls not that bad ;-p
Nice post. China banning the ICO just exacerbated the sell-off triggered by the 5,000 price marked for profit taking by major players. Check out this post: https://steemit.com/crypto/@sandalphon/perfect-time-to-buy-bitcoin-and-other-crypto-currencies.
Thanks!
i was so happy that bitcoin went up to 4950 and litecoin went to 90 however my happiness didn't last
looks like this is the best time to buy then
They'll both get back to those prices.
This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond Please consider upvoting this comment as this project is supported only by your upvotes!