If you are a newly invested in Bitcoin or altcoins, This breaking news is not good for you. Almost all cryptos fall by a double-digit percentage. Bitcoin slumped by 14%. All other cryptos are following Bitcoin path.
Source: coinmarketcap.com
Probable reason still unknown. Some reasons are:
- China will go into all-out war against Bitcoin or crypto enthusiasts. As we know, China already banned cryptocurrency exchange and ICO. Now, They will block Chinese citizen to access foreign cryptocurrency exchange.
- It is rumored that Chinese government is planning to drive out Chinese cryptocurrency miners which are largest in the world.
- Big investors are cashing out their profit
- Price manipulation by the whale
- South korean regulation on Crypto though government clarifies its position on cryptocurrency.
“First, the South Korean government will pursue the crackdown on anonymous cryptocurrency trading accounts and will punish market manipulation, money laundering, and fraudulent transactions through joint investigations participated by the local law enforcement and financial authorities. - South Korean authorities
According to South Korean authorities, the South Korean government is planning to punish excessive speculation and fraudulent activities But the government will support and even finance blockchain technology development. more news
This is my analysis of the current crypto market.
What do you think reason behind current crypto market?
Thank you for taking the time to read this post. Your comments and upvotes are highly appreciated.
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the reasons which you mentioned are definitely has some affect on the prices, but i will add also another reason which is involved in my opinion.
Chines new year - most of money in last years has been cashing out. Look at the screenshot
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The whole crypto market is so thin that any middle-size fund closing its position can significantly impact asset prices, short-term. Just imagine investing at least a 1 million USD in some cryptos? x or even xx% price impact is guaranteed! But we expect this effect will be diminishing with time as the cryptos get mature
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1.63% @pushup from @steemero
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This post has received a 3.46 % upvote from @aksdwi thanks to: @steemero.
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This post has received a 0.59 % upvote from @boomerang thanks to: @steemero
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