A good kick in the nuts will be good long term for cryptos. The hype from say, November till now was like taking the entire dot com hype, boiling down to condense it, then shooting that right in your arm. BTC was jumping $1k per day, $2k per day. People were giddy. Everything got a bid. Supermodels and Evander Holyfield started pimping tokens. ICOs were the daily thing. It was like wonderland.

That is not sustainable nor healthy for something that many hope would come to compete with the current fiat system.

So a drop down to $5k for BTC, a shakeout of weak hands, and the implosion of many of the shady shops will help cryptos in the long run. Much healthier to have that then keep up with the current moonshot trajectory, which would guarantee a spectacular explosion, thus ending the cryptocurrency experiment.

pods @zer0hedge