Sunday morning observed not to be good for crypto world. Bitcoin price are plunging from $8,200 seems to drop further more. Bitcoin dominance is around 34% in market therefore the price of all crypto coins affected and ripple is going down, Ethereum is going down, bitcoin cash price are going down and all crypto down. It has been observed that a total of $101 billion wiped from yesterday. Market reached to $495 billion yesterday and currently it is moving at around $396 billion.
Why Bitcoin Prices Are Going Down
No any big FUD or announcement from any government official observed from yesterday that causes price drop. But one news published yesterday on internet and got viral that Crypto lovers, investors and traders have to pay taxes from 15% to 55% from their profit in South Korea. Yes this may be the reason for price drop and according to experts it is expected to drop further. However the incline trend of bitcoin price chart yesterday not allowing btc price drop. That is why not only bitcoin but cryptos are going down.
Ripple xrp price observed a high increment of more than 50% yesterday and price went high to $1.30 according to coinmarketcap. However there were no any big ripple xrp news announced yesterday which causes price increment and then price again dropped.
High officials from France and Germany have issued a letter to finance officials of different countries to discuss regularities implication of crypto in next G20 Summit conference. But there is also a good news that US Arizona senate not only accpeting crypto but they are utilizing crypto for the first time for tax payment system. Now it is wrong to say that it is bubble, because if two or more big nation joins with same idea the price of btc will go much higher as predicted by experts more then $50,000.
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