Today saw the Markets crash over $1000 because of the news that Japan suspended, not closed, two exchanges and that the SEC is trying to force exchanges to register with them to do business. Of course, exchanges can apply to be exempt from the SEC and be a “darkpool” exchange. I don’t think this will matter too much honestly because many of the exchanges that we trade Micro Cryptos on aren’t in the united states anyways and people will continue to trade at these exchanges.
Japan suspending two of its exchanges for not obeying security rules is another thing that doesn’t need to be frowned upon. Japan did not close the exchanges, but just needed them to make themselves more secure so they don’t get hacked and lose all their funds. This already happened to Coincheck last month so it is not unwarranted.
Overall this massive drop was just another fast knee-jerk reactions that weakling traders and speculators freaked out about and sold out. They will be sorry because the market, I believe will recover fairly quick and they’ll be out of money. I think the market will be at least around 10k by this time next week, barring any more bad news.
Hopefully as the Crypto Market matures people won’t look at regulation as such a bad thing and will learn that for there to be a viable mainstream market some regulation and security measures are needed to ensure the safety of funds and that most people honestly don’t need completely black(anonymous) coins for trading because we have nothing to hide.