Wanted to take a moment to discuss the incredible losses people are taking today. Firstly, we are hoping that everyone is financially ok and did not lose too much. Secondly, for those who did invest a lot I encourage you to try to hold on for a little longer. There is likely a remedy right around the corner. Cryptocurrency will not fall so easily especially for a strong community that has a forward-thinking mindset.
I wanted to post something to explain a little of what is going on and why the market is reacting this way. The record losses can be explained by a few events currently taking place in a very short period of time. One of the catalysts was the South Korean government looking to regulate cryptocurrency exchanges. There are talks of closer supervision of exchanges to outright bans with no decisions being reached yet. Adding to that many banks, payment processors, and retail outlets are also halting their acceptance of cryptocurrency leading to a mass panic selloff. Credit cards are also preventing the purchase of crypto for investors decreasing the avenues in which to acquire crypto. If that’s not bad enough China may potentially ban local investor access to cryptocurrency even if they physically leave. In addition to that, the rumors on Tether has hurt the market as well. With massive markets for cryptocurrencies being harmed by FUD it is no wonder why the market has looked terrible.
That said, there is hope in the future. With large regulations and potential leniency in the future there will either be a workaround or new markets will open up. Cryptocurrency became an investment of choice for millions of people for a very clear reason: faith in established systems is drying up. One thing that is clear is that the market will bounce back and it will be partly due to coins that give consumers a choice and freedom to make their own decisions. Just like how institutions need to adapt, so do regulators, investors and the common investor. When they adapt we will have a more stable market and hopefully an easier gateway for anyone who casually wants to invest in crypto. MUXE also wants to ensure everyone that as a firm we will do everything in our power to help keep the crypto market strong and create value for all investors.