Cryptocurrency market down? Here’s what are the reasons.

The cryptocurrency market plays an important role in today’s daily life, it is obvious that a market with more than $3 trillion dollars value has some potential and many of the investors from the whole world are constantly doing business with it at a good level. Recently, the cryptocurrency market is facing a very bad dump or downfall because of many announcements or other reasons.

Bitcoin, known as the king or origin of the crypto world has it’s all time high value of about 67,000$ is now struggling with a big fall of about 30% of its value, adjusting it’s price nearly 46,000$.

All the other crypto tokens such as Ethereum, Shiba INU, MANA ,XRP and many of them all are facing a good downfall in their prices. There’s a saying that origin makes the whole chain weak, so does the same we are observing in this cryptocurrency market.

There are many reasons behind this dump in the market, some huge announcements made the investors to get out of this system and clear their way. The media department does play an important role in influencing and washing the brain of many people. Recently, some countries have made some statements related to cryptocurrency.

Many Foreign Exchanges and Crypto Wallets like Bitmart were hacked where millions of dollars were stolen away by the hackers, after these kind of news spreading around the web made a bad impression on the users saving their crypto money on these digital wallets.

One of the biggest exchange system i.e. Binance shuts down Singapore cryptocurrency exchange. After this announcement some of the crypto investors from the same country made many quick decisions which disturbed the market.

Indian financial minister made a statement of regulating cryptocurrency in a justified way and imposing taxes on big investors, this statement by the Indian government made a huge impact on the investors in India but still the got a relief that India doesn’t ban it as like China did. But ,Indian government is all set to ban and close all the foreign exchange companies of cryptocurrency with the next upcoming bill.

China’s announcement related to popularly real estate company Evergrande hit the stock market as well as the crypto market badly. The company came to bankcruptcy and china government will sell all the stocks and asset of the company to remove the liablities.

These were the recent news and announcements which are continuosly affecting the cryptocurrency market in a bad manner. Investors are not happy with the market after noticing a bad downfall in almost all of the tokens present on different exchanges. When something is so pumped-up it needs to calm down so that it can perform better next time and these news are doing their work of calming down the market, hopefully, it will recover and will come to it’s level again.

Techsmoker

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