The SEC announced earlier that all cryptocurrency exchanges must register with their agency, and that sent the crypto market plummeting.
Bitcoin went back under $10,000 and Ethereum was somewhere around $750 the last time that I looked.
It seems like the alt coin market has been slowly diminishing over the past few weeks and Bitcoin has gradually been gaining it's dominance over the market. I feel like now is the perfect time to buy a lot of different alt coins, and Bitcoin/Ethereum.
Even though the market reacted badly to the news of the SEC, I think that the news is actually good news. Just give it a few weeks and things will pan back out. Regulation might suck for people trying to cheat their taxes and trade under the table, but it is definitely a good thing for the crypto market. It must be done for cryptocurrency to gain full acceptance and usage, and that is why I think that this is good news for the long term.
What are your thoughts on the SEC wanting to start regulating exchanges? Tell me in the comments.
To the moon,
@bwells