Good video Chris.
I feel these days, there's a hypersensitivity in the crypto market. Just a rumor or rumblings of a regulatory threat to cryptos is enough to send the whole thing tumbling like a pack of cards. It's like everybody is hanging on every utterance of the SEC, what they might or might not do. This irrational fear proves to the regulators that the crypto market is easy to manipulate and control, authorities don't even need to legislate, all they need to do is to make some public comments and everything comes tumbling down. This also probably proves to them that it is not a good time to approve any ETFs either.
The lack of resilience in the crypto market is is getting tiresome, maybe its a sign that I'm capitulating :-) Last year, any FUD was quickly left for dust as the market shrugged off whatever negative news that was heaped upon it. Maybe that was because people believed back then that Bitcoin and cryptos are unstoppable? Do people not believe that anymore?
I just wish that the market could regain some of its former resilience and start acting once again like how cryptos are supposed to - sound money that is decentralized and most importantly - censorship resistant. People talk so much about how great institutional involvement is going to be for cryptos, seems it to me that the more institutional involvement there is, the more regulation that will follow, and then cryptos will just end up becoming more and more like the stock and commodity markets. If people want that, they can trade stocks and commodities, there's no need to get into cryptos.
In the long run, cryptos is only going to regain its resilience when people start believing in its unique qualities once more, so folks, let's start believing in it again and let's start soon.