The encrypted digital currency markets are recovering from mid-April until recently, and the market reached its peak on May 5.
The total market value of digital and encrypted currencies reached $ 467 billion on May 5 and then began to decline to $ 373 billion.
The market has since lost about $ 94 and is currently trying to recover on some positive news, but what happens with encrypted digital currencies is out of the ordinary. The events that have driven the market backward have been unexpected and numerous.
Tom Lee's expectations fail
The renowned analyst Tom Lee predicted that Bitcoin would rise by mid-month with the digital and encrypted currencies following the Consensus 2018 conference held between May 14 and May 16, with a strong 10% to 70% rise.
It was based on what happened last year, when the price of Bitcoin and encrypted digital currencies increased by a very large percentage.
It seems that history does not always repeat itself, at least the encrypted currency at this time of last year is not under the same pressure as it is now.
Bitcoin fails to reach $ 10,000 and the Ripples fail to reach $ 1
Bitcoin It was expected to return to $ 10,000 to re-launch to major levels in the coming weeks, while the Ripple is also expected to reach $ 1 at least.
For the ethereum coin, the other goal was to reach at least $ 1,000, while the Bitcoin Cash target was $ 2000, while the goal of Litecoin was $ 200.
Now the prices of these currencies respectively are $ 8130, $ 0.67, $ 683, $ 1177 and $ 133.
Achieving the expected levels would at least have given a significant boost to investors and traders to inject more investment into the market, but the plan did not work.
The reasons for the decline of the Bitcoin and encrypted digital currencies during May 2018
There are many reasons that led to the loss of encrypted digital currencies much of their market value, beginning with the subordination of the Upbit trading platform for investigations on alleged fraud charges.
The platform is the world's fourth largest currency and encryption exchange in terms of daily volume. The stock exchange has received numerous charges from the police, including falsifying its balance sheet. The South Korean Financial Supervisory Commission (FSC) has sent many investigators to the company's offices in Korea South.
The series of involvement of the largest Korean and Asian trading platforms continues in fraud and fraud, and sometimes in fraud for marketing.
The trading platform Upbit is impressive, of course, with the exchange of various encrypted digital currencies such as Bitcoin, Ripple, EOS, Bitcoin Cash, Ethereum, NEM and about 260 different coded currency.
The second strong reason is that platform Mt. Gox, which was hacked in 2014 and many people lost their money because it continues to transfer many of the units of the Petequin to other Governor in order to sell on different platforms.
After the bankruptcy of the platform, some 200,000 Bitcoin remained on this platform in reality, and they are gradually selling them. Over the past few days, 8,000 units of Bitcoin have been transferred to four Wallets, each of which has been transferred to 2,000 units.
After monitoring these operations, it was confirmed that it was a huge process to sell more of Bitcoin, which explains why the price of the car is very scary. The rest of the digitized currencies were affected by this step, with a number of them now down to 15%.
Another reason is that Microsoft has blocked ads for digital currency, encryption and initial offering, and this is on its platform advertising the ads on their sites, led by the search engine Bing.
Celebrities in the business sector continue to assert that the capital is a bubble and the last of them was Mr. Jack Ma, founder of Ali Baba.