Market was not doing so great from last few weeks. You may call it 'the bad times' in crypto and even the 'Red Sunday'. Bitcoin was wavering around $7500-$7600 for last few days and a trend has to be set. For sure, it can't be wavering around that same level for the rest of the year. It has to come down or up. Now, the decision has been made by the market and Bitcoin fell from $7600 to $7300 within an hour and currently trading slightly above $7200.
Current market capitalisation has gone down to $318 Billion which was trading at $340 Billion at the same yesterday. This was a steep $22 Billion fall within a day.
If we talk about Alt coins, then surely they got hit harder than Bitcoin. Every time Bitcoin comes under sell-off, the Alt coins always got hit harder than Bitcoin. BTC has lost 5% its price within a day but if we look at the percentage fall in Alt coins, then they're much higher than Bitcoin.
Ontology fell by almost 10% in last one way, while IOTA lost almost 15% in price. Cardano got down by 8%, EOS got down by 9%, Ethereum also got down by 5% dropping $25 in price.
All in all, market got hit pretty hard this time and people are wondering about the reason behind all this crash.
Well, if we look at the fundamentals, then we came across many positive news in crypto space during this whole month. There's hasn't been a single negative news related to crypto market. So, then what caused this crash in crypto?
There is some speculation going on that US Commodity Futures Trading Commission which has subpoenaed several large exchanges including Coinbase, Kraken, and Bitstamp in an ongoing price manipulation investigation.
Also, news are also coming from South Korean exchange 'Coinrail' that it got hacked but if we look at the Volume generated by the exchange, then its minute as compared to the fall we are seeing in the market currently. Coinrail's daily volume is just $2.6 Million while it ranked 90th in the World.
So, personally I don't think that would be the reason of crypto fall. It has to be the price level.
Bitcoin was wavering around $7500 for so long and people were expecting a huge upward trend. Market always does the opposite and we have seen it many times in crypto market. So, I think this correction has everything to do with Market Manipulators than any kind of FUD's in the market.
Although, Bitcoin has to hold $7100 price level otherwise we might be falling under a strong Bearish trend.
Thanks for reading ...!!