One reason crypto prices can drop so drastically is because of the uncertainty and confusion on how the government plans to regulate cryptocurrencies.
Prices can drop 10% in the blink of an eye if a government official has a negative comment.
Fortunately, there could be more clarity about the U.S. market after June 13.
On June 13, the SEC will hold an investor conference in Atlanta at Georgia State University.
It will be a town hall event, where attendants can meet with members of the SEC for informal discussions on fintech and cryptocurrencies, according to CCN.com.
While the SEC seems to be most interested in regulating ICOs right now, clarification on all cryptocurrency regulation plans could help bring in new investors too scared to invest.
With more demand, prices can start to go back up.
The Cryptocurrency Everyone Else Will Regret Not Owning: To See Tom Gentile's No. 1 Crypto Pick and Exactly How to Trade It, Click Here Now
In other cryptocurrency news, the price of Bitcoin rebounded after nearly falling below $7,000 over the Memorial Day weekend. After several weeks of bearish trends – including concerns about a sell-off by a Mt. Gox trustee and concerns regarding tax policies at Bitfinex – Bitcoin appears to be coming off a near-term bottom.
However, cryptocurrency analyst Willy Woo said on May 25 that Bitcoin will test $5,700 before recovering.
Here is a recap of the top five cryptocurrencies by market cap as of 3:00 p.m. EDT.
|Cryptocurrency||Market Cap||Price||Change (24h)|
|Bitcoin Cash (BCH)||$17,067,637,762||$994.94||+7.28%|
Now here's a closer look at today's Money Morning cryptocurrency insight, as well as the most important cryptocurrency updates you need to know…
Money Morning Cryptocurrency Insight of the Day
Bitcoin has been one of the most remarkable investments and technologies in decades.
Privacy, ease of use, and an alternative to fiat currencies are major benefits to people all around the world.
Perhaps that's why central banks and the International Monetary Fund want to kill it… and replace it with something horrifying.
Money Morning Resource Specialist Peter Krauth has uncovered all the shocking details. Read more right here.
The Top Cryptocurrency Stories for May 29
- Blockchain project EOS is just a few days away from its much-hyped production release. Unfortunately, a China-based cybersecurity firm reported today that it has discovered a set of flaws in the system. The flaws would enable hackers to use malicious smart contracts to gain access to every node in the EOS network. The company is now scrambling to patch up what has been described as "epic vulnerabilities."
- Last year was a good time to be a cryptocurrency investor, particularly if you owned Bitcoin. The National Tax Agency of Japan says that 331 people in the country earned profits of more than $1 million in 2017. The government has still failed to clarify its views on cryptocurrencies, even though Bloomberg had reported Japan was considering the taxation on Bitcoin and crypto at up to 55%.
- Do you know anyone with a cryptocurrency trading addiction? If so, be on the lookout for a revolutionary treatment. According to reports out of the United Kingdom, a Scottish hospital is now treating "crypto addicts." Doctors have said that the trading of digital currencies can sometimes develop into a behavioral addiction similar to gambling and other compulsive behaviors.
Man Crushes S&P 500… Now He's Taking On Crypto
Last year, Tom Gentile used his pattern-trading software to help give his readers a shot at beating the S&P 500.
Now he's using that technology to help pinpoint recommendations in a market that grew 164 times faster than stocks: cryptocurrencies.
The windfall of profits he expects is staggering.
Click here to learn more about Tom's system – and see the No. 1 cryptocurrency he's buying right now on camera!