Sirwin
Sirwin
Why all Cryptocurrencies has fallen 25% Today ? BTC, ETH, BNB, USDT

Why all Cryptocurrencies has fallen 25% Today ? BTC, ETH, BNB, USDT all down.

By cybercrypto | YourFinonymous | 16 Nov 2021


 

Cryptocurrency has rapidly has fallen in these 48 hrs, but why?

 

 

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Cryptocurrencies are very volatile and big people and news can easily manipulate the markets.

 

  • The thing that happened here in these two days seems some really big investors seem to do profit booking and sudden change in volume made retailers panic sell the cryptos.
  • Also, it seems retail investors came for quick profit booking and took the rumors and sold cryptos. These are the people who buy or sell crypto on rumors. due to this people markets became very unstable

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Effect of China on cryptocurrencies.

 

Recently China has ordered bitcoin mining companies to shut down their mining completely

China’s state planner, the National Development and Reform Commission (NDRC),

said that they will continue to clean up virtual currency mining in the country.

The banks of china like the central bank and People Bank of China has stopped transaction linked with cryptocurrencies following the order of China.

China is focusing to wipe out all Crypto mining and reduce carbon emission 

This decision may also lead to a downfall in the market.

 

Effect of Elon Musk on cryptocurrencies.

Earlier when  Musk started accepting bitcoin it created a huge upward trend in the crypto market.

But after some months he stopped accepting justifying mining Bitcoin takes too much power and increase the consumption of Coal, which is leading to Global Warming Hence he will not support it and stopped accepting Bitcoin.

  

Disclaimer: No one can predict the market nor can know exactly what may be the reasons. These are assumptions that may be valid.

 

Thank You

CyberCrypto

 

 

 

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cybercrypto
cybercrypto

Crypto Enthusiast | Blogger | Cook | Philosopher |


YourFinonymous
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