The cryptocurrency sector has lost about a third of its market value since peaking in early June. Bloomberg's Lily Katz reports on "Bloomberg Daybreak: Asia."
Panic aside, James Dennin reported on why this might not be the massive deal the MsM are making it out to be...
Of course, these types of wild swings are not unusual for cryptocurrencies. Indeed, many in the industry are treating the dips as a healthy "correction" — which is when a price dip is welcomed because it brings the asset more in line with its perceived fair value. Sheba Jafari, head of technical strategy at Goldman Sachs echoed that sentiment in a note to clients reported by Business Insiderthat bitcoin prices were "heavy," meaning high.
"I'm happy that the price is being corrected to something more realistic," Daniel Vaughn, a programmer who builds products on the Ethereum platform, told Mic. "This sort of wildly speculative investment is bad for the technology since it's still in its infancy."
Copyright Creatomic © 2017