There has been another massive drop in the Cryptocurrency market.
This could be due to the fact that many governments around the world are continuing to crackdown on cryptocurrencies. Not too long ago we saw what happened when South Korea and China were voicing their concerns about Cryptocurrency, and their plans to implenment a ban on buying, selling, or using any crypto. Just recently, Arun Jaitely, the Finance Minister of India, has disclosed plans to ban the use of ALL cryptocurrencies (including Bitcoin) as a form of payment.
The Securities and Exchange Commission has recently filed a federal district court complaint against the Cryptocurrency project, AriseBank; claiming to have already raised around $600 million in two short months, only to be labelled a fraudulent project. These types of actions are shameful to the Cryptocurrency movement and need to come to an end.
As a result we have the market cap taking yet another steep decline down to $382,386,000,000. Dropping close to $40,000,000,000 just overnight.
Bitcoin down to a heartbreaking $7,979,99. How low will Bitcoin drop before we find stability once again?
Ethereum, more or less the strong bull in relation to it's ability to fight through most price drops has fallen victim to the media and dropped to a low of $829.09.
Ripple also following in suit of the major drop and falling to a very low $.72.
Stellar being hit hard with a low of $.32.
Tron, unable to hold it's ground at the $.05 mark, has dropped to $.03.
Cardano, the scientifically backed cryptocurrency, taking a massive dip to $.30.
Is this going to be the same type of scenario we saw last year with China, when the Market saw extreme lows before skyrocketing to new highs shortly after?
Make sure to do your own research on any coin you may be interested in. It is extremley illadvised to blindy follow anyone under any circumstance. I am no financial adviser, just trying to enrich the world with a little insight. Invest at your own risk.
Best of luck on all of your investments.
This is just temporary once the bulls come back its go time
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Thats what I believe as well. I have strong faith that after Lunar New Year we will start to see some positive movement. Also with tax season upon us many people will have extra cash to invest with.
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