Bitcoin dropped 25% and Ripple shed 42% as the regulatory clampdown on cryptos intensified in China and North Korea amidst talks of the issue also coming up at the next G10 meeting. It may be too early for some to call the end of that party but coordination of a regulatory backclash against icos and now trading platforms is a quintessential threat to this space. The dollar tried to rally but failed again which bodes poorly to its outlook in our view. Stocks rallied but got derailed (for the day) following the crypto unwind.
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