Hi Guys,
What is going on? Why is the market going down? The total market cap of all coins on coinmarketcap is below $500bn!
We heard the "news" of USDT. They received a subphoena stating the founders of USDT ie Bitfinex to prove that USDT is fully backed by USD. We all know this is not the case. So don't understand why this is impacting the market.
The next reason I came across is the US citizens have to pay their taxes on the crypto profits. But the tax return for 2017 is due 17 April 2018. True crypto investors would not sell at this moment but when the markets is going up. If you have until April to file your taxes then why would that be a reason for the current decline? Maybe somebody can comment on this?
What in my opinion is the reason for the recent decline is that rules and regulation is coming. This is not a bad thing. Absence of rules and regulation creates uncertainty. Uncertainty creates fear and is reflected in lower values.
I visited the ICO roadshow at Amsterdam past Monday and Tuesday. A speaker there (Nick - forgot his last name) made and interesting comment/warning. He said most exchanges are trading security-type-coins without having the proper security dealing license. By doing this, the exchanges are breaking the law and get huge fines are even/most likely jail time. Be careful where you are holding your coins.
Lets watch this development closely.