Josh Sigurdson reports on the most recent dip in the cryptocurrency market as we see Bitcoin fall around 11% in 24 hours, breaking support levels.
After a double flat top and higher lows, many were expecting to see an impending rally happen, but of course that did not happen. Bitcoin dragged every other crypto into the red today.
Interestingly there’s an ETF decision coming up shortly which gives it some bullish sentiment. While it’s not ideal, it’s what preceded the last massive bull run.
The reason for the most recent dip? More media and government FUD of course!
While the SEC goes after many of the ICOs as if people can’t be responsible and take care of themselves, the CFTC continues its price manipulation probe against the online exchanges. More of a reason to avoid online exchanges.
All the while, the Canadian government has put in place more ridiculous regulations to stop money laundering and financing that in reality is best done in fiat. Of course they will use any excuse possible to go after cryptocurrencies that are truly decentralized. The regulations will mean exchanges have to report people to the CRA if they have more than $10,000 Canadian or $7700 USD.
Even more proof that exchanges are terrible. Time to truly decentralize folks! All of this FUD is futile long term as the market is still in its infancy. Most of these laws are unenforceable and will lead to further interest.
Everyone needs to relax.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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