It took Bitcoin several weeks to reach $10,000 after the price fell below $6,000 in early February’s bloodbath that marked the first time since November last year that Bitcoin dropped that low. Bitcoin then quickly smashed through $11,000, and $12,000, making it look like the most reasonable target for investment just yesterday.
But after a few days of growth, all cryptos were trading lower early Wednesday morning February 21st. Prices fell for most coins, but Bitcoin seemed to be the least affected. So what happened?
First of all, this isn’t another bloodbath. At least there’s no reason for one — not that the cryptomarket behaves like anything else and needs logical reasons for its wild swings.
Some people do believe that Bitcoin is here to stay for a long while. But that doesn’t mean the other coins will have the same fate. Some will wither and die, and that’s a fact. They can’t all thrive, so make sure you know what you’re investing in.
That said, Bitcoin is down 2% in trading on early Wednesday, but that still puts it at over $11,200. The other nine coins from the top 10 are losing anywhere from 1.68% to 8.11% in value. Remember, however, these numbers can change without notice.
Compared to Tuesday, the whole crypto market lost nearly $30 billion — the market cap for all coins it at $483.57 billion as I write this.
As for new developments, the crypto-related news cycle is mostly positive. South Korean regulators have reaffirmed their interest to offer a better deal to cryptocurrency fans, as Reuter’s reports. “The whole world is now framing the outline (for cryptocurrency) and therefore (the government) should rather work more on normalization than increasing regulation,” chief of South Korea’s Finance Supervisory Service (FSS) Choe Heung-sik told reporters.
The same Reuters says that Japanese crypto exchanges are looking to form a self-regulating body. Nothing is official at this time, but 16 companies are apparently looking to safeguard investors in the region, after last month’s cyber money heist worth $530 million.