Last night saw huge sell offs all over the cryptosphere as fears of a South Korean Cryptomarket clamp down sent shock waves throughout the exchanges. XRP led the charge back as MoneyGram announced a Ripple deal. However, this is likely a short pause before we see more decline. The bigger story is the 200 Billion dollar decline in the total market capitalization from the highs of January 8th. This signals that investors are taking some of the money off the table. This will probably be temporary as the narrative of easy money to be made in the crypto markets forces more novice traders to reconsider their investment decisions. The overall story for Cryptos is still quite bullish and for those that actually want to see a price collapse, this gives them the opportunity to buy coins at a discount for when prices inevitably will return.
News:
South Korean Minister of Finance Rejects Calls For A Ban On Cryptocurrency:
Ripple and MoneyGram Reach A Deal:
https://www.zerohedge.com/news/2018-01-11/moneygram-shares-soar-after-ripple-deal-announcement
Binance added 240,000 New Users In One Hour:
