Green Light for Cryptocurrencies
For the umpteenth time, the Bitcoin was declared dead this week because the cryptocurrency market gave a large decline in value. Bitcoin fell below $ 10,000 while others followed suit with even larger drops as panic spread over a bursting bubble.
However, the negative graphs in all areas took a positive turn since most of the numbers turned green in the main currencies. The encryption market has generally been in a slowdown since Bitcoin reached the $ 20,000 mark, but this recent collapse created genuine fear and panic.
Bloodbath in all areas
As the adage says, a rising tide floats on all boats, and on the contrary, the same happens when the tide is exhausted. In other words, when Bitcoin is on the rise, many currencies follow, but as it has been a loss of value in the last week, the entire cryptocurrency market took a hit as Bitcoin led the way.
In fact, most of the 10 main cryptos, and the most well-known and established ones (NEO, Cardano, Ripple), fell more than Bitcoin, without leaving digital coin investors anywhere to flee.
There was a great outflow of money from the cryptocurrency market in recent days, with a global market cap that went from more than $ 700 billion to $ 400 billion, and today stands at $ 583 billion, in what we anticipate that at the end of the day it reaches more than $ 600 billion.
The fall of Bitcoin was completed: from approximately $ 14,000 to just under $ 10,000 matched to a 30% swing, which, looking back at the story, is relatively normal and expected.
Bouncing
Although it was not yet out of danger, the encryption market definitely seemed much more optimistic as it seemed that the limit was reached and the green numbers showed a turn in fortune.
The reasoning behind the most recent collapse can be attributed, in large part, to the confusion that has come from Korea over alleged plans to ban cryptocurrencies in the booming Asian market.
The citizens of the country spoke recently about these rumors, making known their position with a petition containing 200,000 signatures, demanding the government's response.