(17 JANUARY 2018)DAILY MARKET BRIEF 2:Crypto-market stabilizes after massive sell-off
The entire crypto-asset market went through a massive sell-off since the beginning of the week with the total market capitalisation shrinking by $262 billion, down to $450 billion, the lowest level since mid-December last year. The sell-off was particularly acute for alt-coins, which suffered even bigger losses. This panic selling was triggered by fears of regulatory crackdown from China and South Korea.
It definitely sounds like an old song. Indeed, those regulations fears have been making the headlines regularly last year, each time triggering a sell-off in crypto-assets. However, every single time this panic movement was followed by a strong recovery that sent the entire market to new heights. We do not expect the outcome to be different this time.
After dipping below the $10,000 level in overnight trading, the price of Bitcoin recovered slightly and stabilized at around $10,500. Even though we do not rule out further weakness in the short-term, we remain confident that the sell-off is over. Alt-coins have already bounced back as fears dissipate; it is just a matter of before the entire market recovers.
By Arnaud Masset
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