Following yesterday's 'exchange-pricing-adjustment'-driven plunge in cryptocurrencies, the major coins had rebounded back to highs, erasing the flash crash. However, the last few hours have seen selling pressure accelerate with Ripple leading the plunge... with no good excuse this time.
No obvious catalyst for the selling for now.
Ethereum remains 2018's best performer as early Ripple gains have been erased...
Ethereum touched $1250 record highs overnight...
Some have suggested the selling is driven by comments from early Bitcoin investor and well-known venture capitalist Fred Wilson. As CoinTelegraph reports, Wilson insists that investors with a large amount of Bitcoin would be wise to practice profit taking, as reported by CNBC this week.
“If you are sitting on 20x, 50x, 100x your money on a crypto investment, it would not be a mistake to sell 10 percent, 20 percent or even 30 percent of your position. Selling 25 percent of your position on an investment that is up 50x is booking a 12.5x on the entire investment while allowing you to keep 75 percent of it going. I know that many crypto holders think that selling anything is a mistake. And it might be. Or it might not be. You just don’t know.”
Wilson posted the advice on his personal blog, in a post grappling with the difficulties of managing a venture capitalist portfolio.