The bitcoin price has dropped below the $7,300 mark as the valuation of the cryptocurrency market declined by more than $25 billion, from $350 billion to $325 billion over the past 24 hours.
Within the past three days, within merely 72 hours, the valuation of the cryptocurrency market sharply dropped from $390 to $333 billion, losing more than $57 billion. At its previously weekly low, the valuation of the cryptocurrency market dipped to $327 billion. Today, on May 24, the cryptocurrency market fell to a new monthly low.
What is Causing the Market to Drop?
As always, a wide range of factors have contributed to the recent market correction and it is difficult to pinpoint several events as the definitive factors behind the fall of the market. Rather, it as an amalgamation of many events that have occurred throughout the year, which include:
- Mt. Gox sell-off
- Possible manipulation by large-scale traders in the futures market
- Bitfinex taxation policy
- Bithumb and UPbit scandal in South Korea
- Failure of institutional investors to meet the anticipation of the community
- Regulatory uncertainty in several regions
source: https://www.ccn.com/bitcoin-price-drops-to-7300-as-cryptocurrency-market-correction-continues/