Why is crypto down? This is the question that is licking the minds of most crypto fans and traders. This downfall is started at the start of the month; from the beginning of the month, the price values of digital assets are jumping up and down and in a state of transition.
The bitcoin is hovering around the figure of $10,000 mark and are facing many difficulties for correction in rate. The market capitalization except bitcoin was standing at 90,284,482,191 USD which then plummeted to 83,598,830,447 USD.
Bitcoin lost -4.09% in the past 72 hours as you can see in the chart given below.
Ethereum, the second-largest cryptocurrency by market volume, has decreased by more than -21.35% in the last 15 days. The Ripple also plummeted in the specified range by -19.9%. Similarly, all other major digital assets have covered the distance in the downward trend.
Reasons for the Downfall of Crypto Markets
The tension created between China and America, two super-power countries, triggered a difficult situation for traders and investors as both countries are increasing tax duties on imports. This condition fueled the financial industry in disastrous mode. S&P 500 has lost nearly 50% of its assets during the crisis of the finance industry from 2017 to 2019. This pressure, in turn, is affecting the markets of cryptocurrency.
Dovey Woo, a prominent crypto expert, and analyst claimed that the bearish trend of BTC is due to the Ponzi-scheme. The hackers scammed almost 70,000 BTC and 800,000 ETH by creating fake wallets through PlusToken.
Similarly, the dusting attack of LTC affected nearly 300,000 addresses and the wallet activity is on fire. This attack also disturbed the crypto users with BTC assets in wallets. According to Samourai Wallet, said on dusting attack
“If you have recently received a very small amount of BTC in your wallet unexpectedly, you may be the target of a “dusting attack” designed to deanonymize you by linking your inputs together.”
The scam attacks really upset the cryptocurrency markets as well as traders and investors of digital markets. According to a report published by Crypto Intelligence, the scam ratio in cryptocurrency has reached nearly $4.26 billion in 2019.
What do you say about the crypto forecast? Let us know in the comment box.
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