- Chinese authorities spark mass crypto panic
- Possible fallout for revolutionary blockchain protocols
In the last two weeks every aspect of the crypto asset debate has been packed into a dramatic flow of news, which has led to a spectacular sell-off. The Chinese government’s latest edict against bitcoin came hot on the heels of Tesla (TSLA) announcing it no longer planned to accept the currency as payment for electric vehicles, citing environmental concerns.
Wednesday’s crash in the prices of bitcoin, Ethereum and many ‘altcoins’ represents a true test of faith for the crypto believers who bought in on the bull market. Yet long-term investors shouldn’t panic. This type of event was always on the cards and is the reason why position management and “never investing more than you can afford to lose” should always be mantras for volatile assets.