I think it might partially be because of the subpoenas that relatively big crypto exchanges like Coinbase and Bitstamp recently received from the CFTC.
From the linked article:
The CFTC has subpoenaed 4 cryptocurrency exchanges for their investigation into trading fraud in cryptocurrency markets. The subpoena is for the release of trading data to prevent of skewed prices in the CME Futures market.
That news was out well before the selling started. Perhaps there was some delay if that truly was part of the cause?!
Did that happen some time before the date of that article? I was under the impression that it was hot off the press, dated June 9, 2018, which is only a day before the drop happened.
If it really was fresh news just two days ago, I wouldn't be surprised about a 24 hour delay on market reaction. Sometimes news takes a while to spread, especially if it isn't covered by a lot of feeds.
Agreed. I think it very much has to do with the crackdown regulations as crypto enters the mainstream. Besides the four exchanges, lots of others got subpoenas too. The retail mania has been quashed, now the institutions are going to enter and dominate the space on their (mostly unfavorable) terms. Opinion.
There is probably a lot of truth to this ^
I share your sentiment and I've been expecting this to happen for many years now, ever since I made my first investment into bitcoin in 2015. We're entering a necessary stage of bitcoin's growing pains, something that has to happen before widespread adoption has any chance of occurring.
Can the Ocean of Public Demand make it through the garden hose of regulation?
If so we can rest assured the status quo will prevail.
Now if the hose bursts at the seams and self-regulated freedom spills out all over the place, it will be very hard to put the genie back in the bottle.
that definetly could be the case @jamesbrown
investors need more confidence and those hacks and subpoeanas are not helping
Cheers,
Piotr