From my experience this type of positive regulatory news can end the bear market. Last year when Japan endorsed Cryptos as currencies the bull went full on. Again, when the CFTC released the Bitcoin futures news in Nov. prices skyrocketed. Once the prices start climbing again it's like a self-fulfilling prophecy. FOMO created more FOMO and it's the other way around when Crypto prices dropping FUD creates more FUD. I believe the Crypto space is like an infant with the way it behaves. This means as space grows and matures, there's a still lot of room for huge multiple gains.
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