H/t reader kevin a.
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Overnight reports from South Korea started it; European regulator comments extended it this morning; and Shanghai “scrutiny” headlines just sparked another slam as cryptocurrencies are getting hammered today…
We detailed the anxiety over a more widespread crackdown on crypto-trading overnight, and since the US came back from its MLK-Day vacation, things have got worse.
It started with a repeat of South Korean finance ministry shutdown headlines.
Then Steven Maijoor, chairman of the European Securities and Markets Authority, said investors “should be prepared to lose all their money” in bitcoin, in a Bloomberg TV interview in Hong Kong. “It has an extremely volatile value, which undermines its use as a currency,” he said. “It’s also not broadly accepted.”
Whether it is Coinbase’s denial of plans to include Ripple on its network or simply a broader understanding of the asset, 2018’s high-flyer is lagging today as investors regain their appetite for Ethereum (record highs over $1000) and Bitcoin (over $16k) overnight.
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After gaining over 36,000% in 2017 – the best-performing crytocurrency, Ripple is soaring again today (after a brief dip yesterday) to $100 billion in market cap and up 30% year-to-date for 2018.
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