In a tough night for all cryptocurrencies, we saw a major breakdown in just about all major cryptos with declines of 10-20%. No major currency escaped the selling with Bitcoin closed down 10% after being down over 15%. Ethereum closed down ~13% after recovering from a drawdown of 18%. A combination of factors may have come into play here and “Aligned the stars” with a technical breakdown driven by a big catalyst for the industry. The International Monetary Fund’s (IMF) Christine Lagarde said that banks should consider offering their own cryptocurrencies. She clearly outlined the benefits governments could gain from using their own cryptocurrencies. The idea of governments getting involved with cryptocurrencies was clearly not well received by the market. The hype and romantics around a completely decentralised currency may start to unwind if governments start to become more involved. This aggressive sell down has now told us that there is clearly supply still left, the sharp break also tells us that a reliable bottom is still at least a few months away.