After another negative press release this morning, the major cryptocurrencies fell towards crucial support levels. According to a Zerohedge article, quoting CNBC, Japan’s chief regulator launched a probe of crypto-exchanges, prompting the largest to halt new account creation, thus sending the crypto market considerably lower.

The press release stated that Japan’s largest crypto-exchange, Bitflyer, needs to make improvements to its business model, especially in regards to anti-money laundering. While the press release had a negative impact on the crypto market, it will likely not be a big issue going forward. So, the cryptos may recover and shrug this newest downturn as just more FUD… Fear, Uncertainty, and Doubt.

Or, the crypto market could continue lower towards crucial support levels.

Today, Bitcoin fell 9%, to a low of $6,100:

Crypto investors need to understand that there aren’t too many assets that fall 9-10% in a day. However, Bitcoin is actually holding up better than the other cryptos.For example, Litecoin was down more than 13% today. For cryptos to be taken seriously, they cannot continue to experience this sort of daily trading volatility.

Now, some of the Crypto-Aficionados are saying that the cryptos are being manipulated by the POWERS-THAT-BE. Well, I thought one of the key reasons to own cryptos was due to them being decentralized… thus not subject to manipulation. However, all assets can be subject to manipulation, even by the “Whales” who control a large percentage of Bitcoin. So, manipulation can push prices higher or lower.

Regardless, it seems as if the crypto market will experience more selloffs in the future as the largest bubble in history continues to deflate.

I say this because even with the positive news releases on the crypto market, (SEC ruling that Ethereum was not a security), the crypto prices continue to trend lower. Thus, the negative press has more of negative impact on the crypto market than the positive news.We can see this taking place in the following charts.