Crypto Carnage Continues - Bitcoin Back Below $7,000, Ether Under $400
Content adapted from this Zerohedge.com article : Source
The crypto-carnage continues: Cryptocurrency is mired in a sea of red.
Bitcoin is below $7,000: ethereum $400: ripple 50 cents.
Crypto and tech stocks are both in freefall.
Bitcoin suffers in a big way.
A two-month retracement.
As CoinTelegraph notes, the overall market slump could be attribued to both Twitter’s recent announcment that would ban crypto-related ads, following on the heels of similar announcements from Google and Facebook, or Mailchimp’s apparent closure of crypto-related accounts.
In response to the social media ad bans, crypto and Blockchain associations in Russia, South Korea, and China have created a joint assocation in order to sue the social media giants, including Yandex, referring to the bans as “market manipulation” by “monolopies.”
Regulatory crackdowns on crypto could also be compounding the market’s downward trend, as two Japanese exhanges this week have decided to close instead of working with regulators for compliance.
Non-adapated content found at zeroehdge.com: Source
When the bitcoin reached 20k many people made a LOT of money
which sold to obtain the desired profits, and from there many people have begun to sell also by emergency.
The money earned by those people who sold at 20k in December is SO GREAT that 3 months is not yet enough time for them to start investing (buying) again, inject a lot of money and stabilize the buying and selling market.
for now with so many people selling for emergencies the market will continue to fall but when it goes down it also becomes more accessible for those who inject the money so everything is a matter of time for it to go back up
Yes, we will need help from cryptocurrency whales as well, but I believe the most important thing is that new money gets into this developing market. Cryptocurrency will never have mass adoption and HUGE gains without support from wall street, big institutions, and also everyday people getting involved.
under 6k will be interesting
Price on its way to the $6000 level.
Glad I am not depending on crypto profits to pay my rent or eat, its just money I would have spent on alcohol anyways
Excellent news you have published @zer0hedge, but I´m actually seeing on Internet a lot of destabilization in relation to cryptocurrencies´ market. Do you predict a good future to Bitcoin´s value? Best regards from @presentnworldsc
Ripple has proof of concept and it was still trading high at 98 cents even after the Jan pullback!