Massive moves making way today in an already fragile market. We are seeing some very interesting moves which include the further degradation of many of the crypto-communities favorite coins as well as some of the more contested coins. Bitcoin for once doesn’t have too much going on, but it still is an indicator where the whole market is going–down.
Lets cut to the chase–Bitcoin Cash has now been downgraded to a lower level then its new evil brother Bitcoin SV….the flippening actually happened! It is actually very interesting to see how well Bitcoin SV is doing, especially in the bearish market conditions we are witnessing in the current term. Obviously, it is WAY to early to tell if Bitcoin cash is now dead and that Bitcoin SV is here to stay, but this is a huge let down to the Bitcoin Cash community nonetheless. You need to be careful trading these two assets but it seems in the short run Bitcoin SV is a decent hedge against Bitcoin Cash, and still not clear if it is a hedge to the general crypto market.
Ethereum got hit BAD. Reasons why? Well, first let’s talk about the 13% layoffs at ConsenSys. This was major news today, and most definitely had an impact on the price of Ethereum, while additionally adding fuel to the bearish flame in the market. This, however, is not the only reason Ethereum is dropping. ICOs right now are getting slammed, and most of those ICOs are using the Ethereum platform as an incubator. Simply, these ICOs need a stable means of cash flow, and having their assets locked up in the crypto-world right now is just not a sustainable solution. They are cashing out whether you like or not. Even though this does have consequences to the entire crypto market, it is a necessary step in order for these companies to actually build their product in a way that allows them to increase there a chance of success.
Platform coins in general today have been hit the hardest, many for the same reasons as Ethereum. Tron has held up the most right now, but that is looking like it will change. With double-digit losses pretty well across the board, this is one of the worst days in recent history for cryptocurrencies. It is likely that we will recover slightly in the next couple of days, but more losses will be in the future. We just don’t have any catalyst that can really turn this market around yet.
If you cannot handle the constant despair in this evolving market, you should leave. If you do not have the funds to remain in the market, you should leave. If you have debt that you need to pay, you should leave. We are in for a wild ride coming in the next months and if you are not in a position to either wait it out or buy in while it gets to lower levels you should leave. Crypto is in an interesting place, one that is not for faint hearts. With all that being said, remember this–crypto is here to stay, but not all the coins you like will still be there in the end. That is the stark realities of maturing industries.