Why did price of cryptocurrencies fall recently
The TaiFu™ 30 Index is a market capitalization weighted index of the largest 30 cryptocurrencies for that day. Each day, a new top 30 is selected to calculate the index. It represents the largest 30 cryptocurrencies on a given day.
Based on this it can be seen that the top 30 cryptos fell in the past few days.
In my opinion the reason for the sudden crash is due to whales pulling out of the cryptocurrency market due to uncertainty surrounding the 1 August soft fork that is going to occur.
This article from bitcoin magazine indicates important dates for the implementation of the fork
https://bitcoinmagazine.com/articles/countdown-segwit-these-are-dates-keep-eye/
Based on this I think that on the 14th of July it'll more clear as to whether the market continues to fall or turns around. Uncertainty should arise again on 1 August.
Please comment if you've identified other reasons for the sudden crash.
Thanks for sharing your insights and the link to the important upcoming dates! If the scaling works out fine, there could be a massive bullish trend and I see Bitcoin going up to 4000 USD/BTC easily then! I hope it works out, I would love to see fast BTC transactions and low transfer fees again! Bitcoin is still the gold in the world of crypto in my opinion! Besides that, have you seen how LTC survived in the past reddays? It was one of the coins with only a small price drop compared to the others!
Yeah, I think many have moved funds to litecoin, it's impressive that it hardly fell compared to other cryptos. It increased over the past month aside from this price crash
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STOPI think it was almost like a mini-bubble of sorts. Not to worry, onwards and upwards from here for the enxt while
Im not sure if this "bubble" effect has reached its lowest point yet... August 1st is still a few weeks away, I won't be surprised if this is getting a bit worse before that time... hold tight
Me too. I think we'll see harsh fluctuations over the next few weeks here and there but I do actually think that we've hit a low point and don't see things falling -%20 more. I think after August 1st things will grow substantially as long as there's no hard fork
I think a lot of people have moved there crypto funds to tether USDT, this crypto is benchmarked to the $, therefore 1 USDT = 1$ and its price fluctuates very little.