What Cryptocurrency Crash?
After a two-day "crypto crash," major cryptocurrencies are rallying across-the-board today. Bitcoin (BTC-USD), Ethereum (ETH-USD), and Ripple (XRP-USD) are all up by more than 20% since yesterday's lows, and have added to their rebounds throughout the morning.
After several days of dismal performance, all of the major cryptocurrencies are well into the green today. In fact, bitcoin is the worst performer out of the major currencies, and it's up by 22% over the past day.
Volatility in the cryptocurrency marketplace is nothing unusual -- digital currencies regularly experience large price swings. However, the past few days have been uncharacteristically volatile, even for the crypto market.
The main driver of the past two days' declines was fears about global regulatory changes. Specifically, South Korea's finance minister announced plans to push for a ban on cryptocurrency trading, and China announced its intention to crack down on cryptocurrency trading even more than it already does.
It seems that the market may have overreacted, as buyers seem to have come rushing back in, which is helping to boost prices.
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