It almost looked as if it would hodl out at $6k. But no, worthless is worthless:
The latest driver is the same driver we’ve noted since the beginning, regulatory risk, via Bloomie:
On Friday, the SEC announced its first civil penalties against two cryptocurrency companies that didn’t register their initial coin offerings as securities. Airfox and Paragon Coin Inc. will each have to pay $250,000 in penalties to compensate investors, and will also have to register their digital tokens as securities.
“The selloff is related to enforcement, which is almost certainly underway,” said Justin Litchfield, chief technology officer at ProChain Capital. “Projects are being made to return investor money, which, after having spent a ton of money marketing their $100 million ICO on a lavish party-filled road-show that was the norm for this vintage of ICOs, will be tough.”
If we see crypto as a simple expression of central bank liquidity then this recent implosion also stands as a warning that the Fed has already pushed into danger territory.
