"The sell-off gathered pace late Wednesday after Coinbase Inc. Chief Executive Officer Brian Armstrong tweeted about speculation the U.S. is considering new rules that would undermine anonymity in digital transactions. News that the Trump administration may clamp down on crypto might have been a trigger for the drop,” said Antoni Trenchev, managing partner of Nexo in London" https://www.bloomberg.com/news/arti...ken-as-bitcoin-plunges-along-with-other-coins By Eric Lam and Todd White November 25, 2020, 8:13 PM PST Updated on November 26, 2020, 5:37 AM PST Bitcoin tumbles as much as 13%, other coins join the downslide Cryptocurrencies remain among best-performing assets this year Bitcoin plunged on Thursday in a sell-off that saw other digital assets fall as much as 27%, a slide likely to stoke speculation about the durability of the latest boom in cryptocurrencies. The largest token fell more than 8% in Thursday trading after slumping as much as 13%, heading for one of its worst days since the pandemic-spurred liquidation in March. The rout began just hours after Bitcoin rose to within $7 of its record high of $19,511, the culmination of a more than 250% surge in past nine months. Fears over tighter crypto regulation and profit-taking after a frenetic rally were among the reasons cited for the sudden drop. The sell-off gathered pace late Wednesday after Coinbase Inc. Chief Executive Officer Brian Armstrong tweeted about speculation the U.S. is considering new rules that would undermine anonymity in digital transactions. “News that the Trump administration may clamp down on crypto might have been a trigger for the drop,” said Antoni Trenchev, managing partner of Nexo in London, which bills itself as the world’s biggest digital-coin lender. “But any asset that rallies 75% in 2 months and 260% from the March lows is allowed to undergo a correction.” Other coins including XRP tumbled as much as 27%, according to prices compiled by Bloomberg. After garnering more support from Wall Street money managers and fund providers, the rally in cryptocurrencies had looked over-heated. The fierce retreat could stir yet another debate over the their value in diversifying portfolios. Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns. — Brian Armstrong (@brian_armstrong)November 25, 2020 “Conditions are very massively overbought and bound for a correction,” said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore. “So I don’t think it’s unusual.” Crypto believers tout purchases by retail investors, institutions and even billionaires, as well as the search for a hedge against dollar weakness amid the pandemic, as reasons why the boom can last. Skeptics argue the cryptocurrency’s famed volatility portends a repeat of what happened three years ago, when a bubble burst spectacularly. Some see signs of retail investors piling in to chase momentum for fast gains, storing up an inevitable reckoning.
Happy Thanksgiving! This price-correction is still on-going, hard to say how low it will go. I've seen reports that coins are being transferred to exchanges (presumably to be sold). There's already been US crackdown on exchanges (i.e. Binance and Bitmex in recent news) and with this rumor of a KYC/AML regulation when withdrawing to self-hosted wallets (i.e. local wallets), I can see why a person who has accumulated a substantial amount of cryptos wanting to transfer and sell now on the exchanges before rule is in-place, perhaps thinking in the future, the non-kyc'ed coins will be more difficult to deposit to the exchanges.
A smart trader would have sold around 19k, waiting to rebuy at around 21k if it did surpass it. But you didn't, because you were greedy. Now your fear is telling you to panic sell here... This is trading 101: Risk mgmt is key, protect your capital. Welcome newbies... Thanks for your money.
I'm sure you weren't talking to me, coz I haven't sold any significant amount of cryptos for fiat since 2017/2018 I'm all in on cryptos. Cryptos been doing doing very well without your trading 101 bullshit, where were you 2 weeks ago when bitcoin was much lower than the current price? ahhhh, yea, you were trading instead of buying bitcoin
Details on the rumor. Interesting section on DeFi where the counterparties are smartcontract and anonymous addresses. https://www.coindesk.com/coinbase-c...n-may-rush-out-burdensome-crypto-wallet-rules Brian Armstrong is worried the Trump Administration is about to send the cryptocurrency industry a parting gift. The Coinbase CEO took to Twitter Wednesday night to blast the U.S. Treasury Department’s rumored plans to attempt to track owners of self-hosted cryptocurrency wallets with an onerous set of data-collection requirements. If the whispers are to be believed, outgoing Treasury Secretary Steven Mnuchin is preparing to tamp down on one of the fundamental tenets of the cryptocurrency ethos: the ability of the individual to hold their crypto (unmolested) themselves. “This proposed regulation would, we think, require financial institutions like Coinbase to verify the recipient/owner of the self-hosted wallet, collecting identifying information on that party, before a withdrawal could be sent to that self-hosted wallet,” Armstrong tweeted. If true, the regulation would represent a broadside against the U.S. cryptocurrency industry like few ever levied by the federal government. It would force corporations to know every counterparty to their users’ crypto transactions, keeping logs, tracking movements, and verifying identities even before a transfer could take place. It would also bring to pass the worst-case scenario envisioned by industry players when the Financial Action Task Force (FATF), an intergovernmental body, told its member countries to apply the so-called travel rule to crypto businesses last year. This long-standing rule requires financial institutions to collect information about the sender and receiver of a money transfer. But it was ambiguous what that would mean when someone sends bitcoin (BTC, -12.41%) from, say, their Coinbase account to an address controlled by a private key on a sheet of paper kept in a sock drawer. The Treasury Department did not immediately respond to a request for comment. Widespread impact And it would not just affect those who store their coins on a hardware device like Trezor or Ledger. Many crypto services use non-custodial wallets. Decentralized finance (DeFi) smart contracts. Software wallets, paper storage. All would need to prove their provenance to transact with regulated entities under the rumored rule. Such a sweeping interpretation of FATF guidance has already been applied in Switzerland and the Netherlands. There, virtual asset service providers (VASPs) must prove the ownership of non-custodial crypto wallets ahead of transfer. Armstrong said Wednesday that such a regulation “would be a terrible legacy and have long-standing negative impacts for the U.S.” “This additional friction would kill many of the emerging use cases for crypto. Crypto is not just money – it is digitizing every type of asset,” he said. To date, regulation of decentralized cryptocurrency networks had been mostly limited to the on/off ramps between the networks and the traditional finance system, according to Jacob Farber, partner at blockchain law and consulting firm Ouroboros LLP. This state of affairs left the industry “mostly unregulated” and private, such that it has been able to offer a real alternative to traditional finance, Farber said. “Imposing a KYC [know-your-customer] requirement on transactions between on/off ramps and every wallet that transacts with them expands the reach of regulation over crypto exponentially,” Farber added. “More importantly, it changes what crypto can be, at least at scale.” He called Armstrong’s concerns justified and said these potential regulations should be taken seriously by the cryptocurrency community. Preemptive strikes? Armstrong’s tweets appeared to break long-simmering industry fears over this kind of regulation into full public view. In recent days, multiple cryptocurrency lobbyists and advocacy groups have staged what in hindsight appears to have been a soft influence campaign to shape public opinion of non-custodial wallets. Coin Center published a think piece on the “unintended consequences” of non-hosted wallet restrictions on Nov. 18. The Blockchain Association, which Coinbase abandoned this year, released a 50-page policymakers’ guide to self-hosted wallets around the same time. “The Blockchain Association has long been aware that some regulators in the U.S. and overseas have concerns about self-hosted wallets,” Executive Director Kristin Smith told CoinDesk. “We are actively educating officials in both the executive branch and the legislative branch in order to address misconceptions about self-hosted wallets.”
No, I wasn’t talking to you and this isn't in hindsight. It is a message for all the noobs out there. I told my bro to get ready to sell it around 19k and managing risk a couple of days ago, waiting to reenter at 21k. I text message him this morning 11/26/20 about what happen. And he told me to fuck off. I guess it is damn if you do or damn if you don’t. But one should know your historical prices and be careful when it gets to an important level. This is trading 101 for noobs out there.
lol Nobert... Anyway, deep plunge for certain but we were pretty well out of any forecastable range so I'm not surprised to see a correction. Could def go lower from here, hopefully some of the momentum eases up. Might also create a buying opp when it does bottom. What did we learn? (don't mess with the Bogdanoff's)