It has been observed that a great number of people are asking on different channels and social resources that “Why Cryptocurrencies Market Fell Below to $30 Billion MarketCap”, why bitcoin is going down, why ethereum going down, why ripple going down and why bitcoin value dropped. And a hundred in numbers of similar questions exists on internet.
For investor or trader it is necessary to analysis market trend and has to know when and where he has to take advantages or have to stay away. Overall cryptocurrency market has a drop from $375 billion to $295 billion marketcap.
However, no any major news like banning or regulations in any country observed within few days, which can cause possible price drop. Although, according to some experts, it is the impact of past news which has broken the newbie’s confidence to invest or welcome cryptocurrencies. And off course, it will take time to recover and these dips are predictable for few days.
Crypto market has high risk factor. But if we talk about few ups and down of cryptocurrencies drop, it is best time for short term trading for traders. Market has potential to recover today, but has risk factor. Currently all currencies are at the lowest, Bitcoin value is $7,603 (-7.16%), Ethereum value is $511 (-14.34) and ripple price is $0.59 (-13.01%).
Trustee of Mt.Gox also denied and believes that the current crypto market drop is not because of his sold Bitcoin BTC and BitcoinCash BCH. Remember, near New Year the trustee of Mt.Gox sold over $400 million in Bitcoin btc and Bitcoincash BCH. According to CNBC, Peter Thiel has once again endorsed bitcoin that cryptocurrencies is destined to be store value like Gold not as means of payment.
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Bitcoin, ripple and other few currencies are joining with big financial institution, especially ripple. Ripple xrp has joined as means of “payment” provider with some financial institutions. Unfortunately, due to this declined market trend, ripple price not increased.
These are all the impact of past new s and will take time to recover but how much, cannot be predicted. Cryptocurrencies investment has high risk factor, so please be careful while investing in these situations.
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