Topic: People trying to guess the main reason for this magnificent correction for weeks (Read 119 times)

Exchanges, international involvement, Tether; just to name a few. While it's pretty impossible to pinpoint the exact reason, I believe we all can agree a lot of the sell-off revolves around one thing: Uncertainty.
Tomorrow, US Senate Committee will be meeting both SEC and CFTC to discuss USA cryptocurrency regulations and USA tax. While on the outside, this seems like regular FUD and more bad news, it is have given me the most confidence of anything I have read in 2018. Although I follow reddit/twitter pretty closely, this didn't seem get much attention.
While this article takes some patience to get through, here is one paragraph that stood out the most:
"We are entering a new digital era in world financial markets. As we saw with the development of the Internet, we cannot put the technology genie back in the bottle. Virtual currencies mark a paradigm shift in how we think about payments, traditional financial processes, and engaging in economic activity. Ignoring these developments will not make them go away, nor is it a responsible regulatory response. The evolution of these assets, their volatility, and the interest they attract from a rising global millennial population demand serious examination.
With the proper balance of sound policy, regulatory oversight and private sector innovation, new technologies will allow American markets to evolve in responsible ways and continue to grow our economy and increase prosperity. This hearing is an important part of finding that balance."
- J. CHRISTOPHER GIANCARLO
CHAIRMAN, COMMODITY FUTURES TRADING COMMISSION
My first reaction was to scoff at any regulatory oversight. That is a slap to the face of everything crypto has built. All this said, it gives us one major turning point we need as an industry to move forward: certainty.
What can we do? What can't we do? What is illegal, and where is the line? Even if all of these answers come out against my morals, I am excited for some certainty tomorrow, and I believe many institutional investors are as well.