Cryptocurrency Blood Bath: Most of the major cryptocurrencies were sold off on Tuesday as the rate and value of many coins started decreasing. But the decline in the rate of Bitcoin, Ethereum, and Litecoin is not that much as other coins. According to the report, all top cryptocurrencies in the coin market cap have decreased in its value.
Even many cryptocurrencies value have fallen and it even becomes to its half. The main reason for the decline in cryptocurrency value is because some Asian countries have speculated to bring new regulations for digital tokens. On seeing this, the crypto coins investors have decided to sell the coins and there comes fall in the crypto market.
The reason for this crash in cryptocurrency market is Beijing plans to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading. This plan of China is the major cause for down in the crypto market. Already South Korea is ready to pass the bill on banning cryptocurrency trading. These two are the main reasons for major fall in cryptocurrency in the past week.
From this issue, many people are afraid and they started selling the coins which lead to falling on the market. Earlier in December, Bitcoin has reached $19,800 USD. But after the statement from China and South Korea, it falls up to $10,000 USD on Tuesday.
However, the same thing happened earlier in September. It is a short-term issue and it will soon be overtaken. The value of many cryptocurrencies will recover soon in the upcoming days. It is expected that South Korea and Japan-centered cryptocurrencies such as bitcoin, Ethereum, Monero, Zcash, Dash, and Qtum will recover first.