Rumors about the bankruptcy of the main cryptocurrency exchanges the negative mood of the US government and the prohibitions on advertising coins by large social networks such as Facebook led to the collapse of Bitcoin. The Chinese government controlled over 50 of Bitcoin mining so the fall in bitcoin after the ban was kind of expected. Why are cryptocurrencies going down.
Why Are Cryptocurrencies Going Down, Cryptocurrencies have suffered a series of blows recently after a number of regulators and authorities started to clamp down on the market. If the price of Bitcoin goes up by 25 the price of all other cryptocurrencies in relation to Bitcoin will tend to go down by 20. Bitcoin Cash is up around 150.
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Why are cryptocurrencies going down. In May China banned financial institutions and payment companies from providing crypto-related services. COVID-19S spreading Delta variant has shaken many investors confidence in a global economic recovery. Ethereum is up some 55.
-Bitcoin whales have accumulated hundreds.
This fall in price was sudden and unexpected as Bitcoin had been comfortably trading in the 35k-40k bracket over the past week. The country where crypto market is originated have biggest market cap takes huge action after banning trading and mining of cryptocurrency in which all trading portal gets legal notice form government and following this reference of crypto market in social media and other online market is deleted by China which result market is collapsed because highest number of investor is from China and sudden drop. Since this news bitcoin dropped sharply in few days to over 30. This fall in price was sudden and unexpected as Bitcoin had been comfortably trading in the 35k-40k bracket over the past week. As a result the whole crypto market tumbled downward. Why cryptocurrency is going down now.
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