Tuesday

Tuesday's Crypto Bloodbath

It figures; I started cryptomining a few weeks ago and now the cryptocurrency market has taken a major dive.

Today, Tuesday 16th, has been particularly "bloody", with a sea of red fonts indicating coins losing value faster than the tickers can keep up.

Why? Probably a couple of reasons as far as my inexperienced eye can see:

1 - the market seemed pretty "bubble-y" and was likely due some kind of correction, although the size of this one was a bit of a shock.

2 - two major Asian countries (China and South Korea) have either already cracked down on cryptomining and/or trading, or are apparently ready to do so. 


Will the market recover? My guess (that's all it is) would be "yes" at least to some degree. The blockchain technology behind most cryptocurrency is interesting and potentially very useful. 

Down the road however, I would not be shocked to see more regulation be applied.

As the whipped cream on this rancid crypto sundae, the "Bitconnect" crypto lending site stopped it's main business today too, ostensibly as a result of legal actions from a couple of US states and also following a two-day DDOS attack on the site.

It never rains, etc...

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