Western cryptocurrency traders are waking up today to a sell-off of all cryptocurrencies across the market. A quick snapshot of today’s prices is just the tip of the iceberg. Behind the sell-off is a wave of recent news that has put doubt into cryptocurrency’s decentralized nature:
- A South Korea’s official’s manipulative headline informed the world that South Korea would ban cryptocurrency
- This has since been corrected with the South Korean government indicating trading will occur as normal, except they will require additional paperwork so they can identify the users who are trading (citing reasons of tax evasion, illegal sales, etc)
- The market is also reacting to renewed rumors that China is now considering banning cryptocurrency mining operations
Is this the end of a bull run and the start of a bear market? Time will tell and as always, volatility in crypto markets is nothing new to the growing new industry and you should only invest money that you can afford to lose.