Cryptos have never been so depressed since mid-2017.Compared to what happened last year, was a bullish market filled with energy, which contrasts what is happening today. In the last 24 hours, crypto market cap has dropped to a new low for 2018 and its lowest for 16 months. CoinMarketCap data revealed that market dropped to $103.5 billion about 12 hours ago, its lowest point since the start of August 2017. Since its $830 billion all-time high attained in the beginning of January, this crash marks a large 87.5% decline. Since this time last month, more than half of the cryptocurrency market was destroyed with more than $100 billion lost in the space. In the beginning of November, the market cap was more than $200 billion, but today it has fallen to over $100 billion. The mainstream media has so much publicized this crash, with stories about death spirals, and Bitcoin dropping to zero, with no use other than bring in more fear, doubt and uncertainty. The SEC has been blamed for this, due to its frequent clampdown on unregulated securities, however, the cause shouldn’t be as a result of this alone. The idea that it will not be approving a crypto ETF for a while has dashed possible hopes of a recovery. Miners in China shorting their coins newly minted has added another nail to the cryptocurrency coffin this 2018. As decreases in profitability continues, so also will mining difficulty which may take part of the control away from conglomerates and ASICs high powered farms.One thing is sure, the bears are in complete control of the cryptocurrency markets, leading to their drop in prices every week. Bitcoin, so far has led this downward momentum and due to its inability to hold support levels on different scenarios has led to its drop to new lows. Bitcoin currently trades at $3449.
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