Regulations, FUD, Panic
Germany firmly declared its position on cryptocurrency regulations, saying the world must establish cryptocurrency statutes.
Moreover, lack of transparency has sparked mass uncertainty as to whether South Korea truly intends to ban cryptocurrency.
China, despite appearing to move towards upending its current ban, publicly orated its mission to terminate all centralized and decentralized exchanges, or anything that appears to work like an exchange, that operate within its boarders.
China makes up almost no trading volume, but the news still generated fear.
The culmination of fear, uncertainty, and doubt spawned by the above mentioned has leveled the market. The value of Bitcoin as well as every ALT coin has suffered greatly, with nearly every cryptocurrency down by over 30%
$BTC finally stopped dropping and rebounded extremely hard a few minutes ago - increasing over 10% in a matter of minutes.
Many respected analysts on Twitter and across the market are calling for a reversal as the rest of the global market wakes up to cheap coins.
The bullish perspective is that we might see BTC and ALTs regain marketcap together, both increasing in value
We saw BTC as low as $8900 - it’s quickly bounced back to $10,700 at the time of this writing.