A sea of red once again across the crypto score board
No reprieve for cryptocurrencies for a second straight day as even Bitcoin is being hammered today. While altcoins led losses yesterday, Bitcoin was somewhat shielded as the selling can be attributed to news that ShapeShift is to "play by the rules".
Currently, Bitcoin is down 7.8% on the day with price falling below the 100-day MA (red line) and is aiming towards $6,000 again. Ethereum is also down 8.4% while Litecoin is down 8.8% at the moment.
As Adam pointed out in the link above, it's a worrying time for crypto - especially for altcoins - if more and more companies start sacrificing privacy in favour of staying in the game. Regulation will only grow tighter with time and in some ways that could be a good thing.
With better controls and measures, it'll flush out the more "scammy" operations out there and leave room for more legitimate blockchain/cryptocurrencies to grow. However, this is just the start. It's going to take a major and long overhaul as authorities themselves are slowly learning the ropes.
In other words, it's more than likely that things will get worse before they get better in the crypto space.
Google's search interest for 'Bitcoin' very much reflects the same trend in price over time
