Bitcoin and Ethereum Just Crashed, But It's Nothing to Worry About Yet.
Bitcoin and Ethereum have both experienced significant price action over the past several days, with each currency displaying bearish price action in the face of positive news.
Bitcoin (BTC) has been in a downtrend since May 8th, when it announced its SegWit implementation. The cryptocurrency has fallen from highs of $6,300 to lows of $4,700 before rebounding slightly above $5,000. This week's price action suggests that Bitcoin could be preparing for another leg down toward $3,000.
Ethereum (ETH) has also been in a downtrend since May 8th, when it announced its own version of SegWit — called Ubiq — as a scaling solution that would be compatible with other cryptocurrencies' blockchains. Since then, ETH has fallen from highs of $1,400 to lows of 6 cents as banks continue to move away from the cryptocurrency space due to high volatility and regulatory uncertainty.
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