But only the cryptocurrency community seems to have this over reaction - like the world is coming to an end.
Which has me thinking, perhaps those in the cryptocurrency communities aren't even aware - this 'dip' isn't just happening in the cryptocurrency markets.
Let's instead take a wider look at tech in general. You'll quickly see it's been one hell of a week all around...
Amazon (AMZN) lost $60 billion.
Apple (AAPL) lost $39 billion.
Facebook (FB) lost $28 billion.
Nvidia (NVDA) lost $27 billion.
Bitcoin (BTC) lost $25 billion.
Google (GOOGL) lost $14 billion.
Ethereum (ETH) lost $6 billion.
There's always some that seem to weather the storm, and in tech stocks this past week that would be Intel (INTC) which managed to make some decent gains while others in their industry dropped. In the cryptocurrency markets that would be Ripple (XRP), love them or hate them that's not my point - but they're sitting pretty much where they were a week ago.
Now let's consider - who might own a whole lot of Bitcoin? The same kind of people who also invested heavily in companies like Apple, Amazon, Google and Facebook.
The reasons they're on a selling spree vary, but summed up into one word it's "uncertainty" and they're running from anything that has a lot of it. The same question that's been hanging over the cryptocurrency markets for some time of 'what regulations may be coming?' has spread throughout tech in general, specifically companies that deal with issues of privacy.
All at once investors decided to pull out until those questions get answered. Why did they suddenly across the board decide that they weren't willing to risk any unwanted surprises? I have no idea - but it happened, so here we are.
You're probably now wondering - so where's all the money going? It's looking like towards the less risky classics - for example CocaCola and Procter & Gamble have taken on some pretty big gains as tech crumbles. A sudden big move towards 'playing it safe'.
So, the conclusion i'd like to leave you with is this - no one in the stock world is saying "well, it's all over for Amazon and Apple" - instead they're simply asking the much more reasonable question of "when will this current bear market move towards an uptrend?".
With that in mind - there's no rational reason why the cryptocurrency world should have any different of an outlook than that. So remain calm, and understand we aren't alone in our suffering right now, we're sharing in it with virtually every important player in tech - and like them, we will survive!
One last thing - don't take this as me yelling "HODL". I don't know what price you entered the market at, I don't know your portfolio. In other words - i'm not advising anyone to do anything except to evaluate the big picture to then make rational and informed decisions, whatever those may be.
Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk
