Hey this is really a dip. Bitcoin was trading at $7,796. In fact all of top cryptocurrencies were down with the exception of one. DigixDAO was the ‘black sheep’ it was trading 45% higher.
Ethereum was off 28% and number three ripple fell by 33%. The increased regulation in India may have caused some of the retreat but the question is why did all the currencies drop? Another question is where is the money flowing, it is definitely not going into the stock market as this was down $666 on Friday (what a curious number) and it doubtful that it is flowing into the bond market. Are people hoarding cash?
Another possible cause for the drop is the turmoil in Bitfinex and Tether. These exchanges are under investigation by the US regulators.
If you are vested in some cryptos it might be wise to buckle up as it doesn’t appear the correction is over. Maybe you should consider buying some Stish.