Currently, there's a lot of reds and the market is down to 515 billion dollars and we've lost almost a hundred billion dollars in just a few days. This is how volatile the crypto market is and many people were afraid to engage in this kind of business. There are several factors that affect the stability of bitcoin but the limelight was focused on several countries that banned cryptocurrency in their land. Some country treats as a criminal activity to trade in cryptocurrency and can end up in prison. But in spite of these, there are still risk takers who continue investing in crypto regardless of several warnings coming from their government.
Indian Banks just recently join the wagon of several countries that banned cryptocurrency in their land. They were suspending Bitcoin exchanges and putting restrictions on it unless they can provide a collateral on their holdings at a rate of 1:1 ratio. Nation's top banks have suspended or greatly curtailed functionality on exchange accounts. This scenario raised a bad signal for our fellow Indian cryptonians and the entire cryptoworld was affected. As we can see the trend of coinmarketcap, there was a bloodshed everywhere and some speculations that bitcoin will drop as much as $8k this few days. Only time will tell what crypto can bring us in the near future. I do hope it will be a bright and greener future that we are heading to - the financial freedom.
