Yes, cryptocurrency traders, it's safe to come out again.
I mean, unless you're in Florida, in which case RUN!
No, it's not hurricane's, I'm referring to, it's the crypto down move the last few days sparked by China outlawing ICOs. While far more draconian than the SEC simply requiring that they be treated as securities, I fail to see this as a bad thing. There are several reasons...
First of all, Im a little jealous that China won't have to deal with it's equivalent of Paris Hilton pitching ICO's for a while. The less of that we have anywhere the better off the whole industry is. Paris, I might respect you if you scrounged up a few million from the couch cushions and invested in crypto assets or companies leveraging internet 2.0. But bringing your "marketing talents" into the space helps no one. We need legitimacy and adoption, not the E channel and internet memes.
However, the bigger impact of China taking the more drastic approach will be a severely restricted supply of crypto related assets. This might have dented demand for 48-72 hours, but that will be fleeting. Demand will resume its growth, adoption will resume its growth, and we'll be talking about new #BTC highs in no time.
Speaking of, with all the negativity found on Twitter around everything crypto related, and all the talk in the news and on TV about the massive correction, you're telling me BTC isn't even 10% off its highs?
Again, having traded the internet 1.0 boom really helps here. This was such a minor blip. If you cant withstand this you either have too much margin on or can't really play the game.
This will have been a pause that refreshes. I expect new BTC highs by September 15th and new ETH highs within 10 days after that.