Here we will discuss the fall of crypto currency that happened 3 days ago. And we will understand why the cryptocurrency is going down? What is the truth behind the dip? Let’s analyze all the facts…
The Crypto market suffered the biggest plummet after half a year of great rise. This fall has damaged the crypto market, you can call it a crypto crash. Everyone is anticipating a quick recovery. A drop like this takes a very long period to restore and build back up. So, How much was the damage? Let’s understand What exactly happened?
What Happened to Crypto Market? Why Cryptocurrency Is Going Down?
On Wednesday, all the major cryptocurrencies crashed all at once and the total fall is about 30%. Bitcoin trade was down by 21% pricing around $37,213. Furthermore, Ethereum current market price is $2,333 approx, because it went down by 25%. In addition to this, Binance coin went down by 31% and currently pricing around $311. But, What this the reason behind the dip? Why Cryptocurrency Is Going Down?.
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Why Cryptocurrency Is Going Down?
It all began when the Chinese government declared the ban on all cryptocurrency-related transactions. The Chinese government strictly instructed that every payment organization or financial establishment shall not entertain any cryptocurrency-related dealings. This implied that all the online payment methods and banks in China should not trade with any kind of process which involves cryptocurrency. The Chinese government dominated over 50% of Bitcoin mining, so the drop in bitcoin price after the ban was kind of result assumed.
Another major reason that you can relate to the topic that ‘why the cryptocurrency is going down’ is the message Elon Musk given. He rescinded his decision to allow crypto as a payment alternative for his electric car company Tesla. This repudiation of decision was made because crypto mining is causing a hazard to the earth’s environment, which is not acceptable in the long run, without any doubt.
To sum up, the drop in the cryptocurrency world did not affect the lives of the general public. It has affected the earnings of big business owners and organisations. Unquestionably, the drop did influence the economy but it shall improve and come back up within no time.
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