June 15th was a good day to pickup some crypto coins
We had a drop earlier in the price of just about every coin in the top 100 list on coinmarketcap due to some concerns with investors and buyers over DDoS attacks that hit Bitfinex and BTC-e. The DDoS attack was mitigated pretty quickly but still left a bit of a sour taste in some peoples mouths over the same event. It is natural after any sort of cyber related attack that many people begin to question the companies involved and their investment in them as well as ponder the security concerns of using these exchanges or holding crypto at all.
That was apparent as the price of etherum and bitcoin took a big drop, the global market cap at one point was below 95 billion when we have been sitting at around 105 billion dollars. While many get worried it actually presented a great opportunity and I think a lot of investors took notice of this. Anyone who has been in this space for even a short duration knows the volatility of it but at the same time when things take a turn for the worse they tend to come back stronger than ever.
So if you were on top of things today you could have got some coins at a markdown and added to your investment. It wasn't long after that bitcoin and ethereum as well as others began to make their steady climb back up and as we speak they are continuing that trend.
Exchanges need to upgrade
Last topic on the list for this is that the exchanges are being hammered by the boom in the crypto space, the wave wasn't expected and we're seeing that with the slow response times and processing times to validate things like bank accounts and identities for processes like KYC. Inevitably, the exchanges will have to upgrade, adding more support capacity mostly to get things moving faster and more efficiently. The cryptocurrency environment is a hot space and it doesn't show any signs of cooling down so the better the exchanges and other sites operate the more fostering that is to the health of the environment.
Let me know what you think of the drop in the market today, did you pick up any coins and make money on the gradual rebound? Did you sell any coins and if so what ones? As always thanks for reading and come back for more in the future. Please consider following to get news of posts on your feed.
Until Next Time,
Doug