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.
