This week was a great illustration of the delta between intrinsic value and perceived value in crypto. Adding to the weight of last week’s ICO ban, China clamped down on a major Bitcoin exchange and J.P. Morgan’s Jamie Dimon piled on calling Bitcoin a “fraud”. These were only some of the factors that led to a broad pullback in market caps for cryptos broadly in the past week. While it’s easy to view market cap & price as a reflection of the potential behind crypto projects, the reality is that the vast majority of money currently invested in the ecosystem is speculative. While these seemingly negative events were taking place, the fundamentals continue to improve - the state channel project known as the Raiden Network on Ethereum launched its public beta, Ethereum’s Geth client received a major update, and more legitimate venture funds launched to support the emergent crypto ecosystem. It may seem stormy on the surface, but beneath the waves the current is strong.