Mama said there would be days like this.
Cryptocurrency is no stranger to volatility. Big green days. Big red days.
Today is one of the big red days… but worse than usual. As you can see from the top 10 list below everything is down 10% to 20% or more.
The sell off brings bitcoin back down around $6,000, an important level in 2018. We’ve bounced off of it three or four times already. The question now, we will hold again?
For other cryptos it’s not looking so good. XRP and LTC hit their lows of the year. And the total market capitalization for the entire crypto universe is now at its low of the year too.
The SEC did come out with an announcement on the VanEck-SolidX Bitcoin ETF.
They pushed back their decision to September 30. That’s no surprise.
Of course on September 30 they could push back the date again.
The SEC news, though, doesn’t explain the decline today, at least in my opinion.
On the positive side Coinbase announced that most customers would have their trading limits increased to $25,000.
That should satisfy all but the biggest whales. Of course that was more of a 2017 problem than a 2018 problem.
My plan to deal with the crypto bloodbath is to stop watching the prices.
What are you doing?
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