Just when everybody thought the crypto market depression was over and we were heading into a bull run, it has suddenly turned red. The bearish nature of the market is disheartening.
Since last week the market has been recovering admiringly with Bitcoin Price hitting over $7300. Market Cap of the whole ecosystem went beyond $260 Billion generating optimism and all sorts of predictions that we are out of the recession.
However, late Wednesday afternoon, Bitcoin price suddenly nose-dived from the over $7300 scope to $7050. Later in the evening, the situation worsened when the price furthered dropped to $6800.
Appallingly, at press time at 6:00 GMT+2, Bitcoin price was in the $6400 zone. The massacre is insurmountable with blood oozing everywhere with market cap hanging around $203 Billion.
How They Stand.
In fact, on top 100, it is only one entity standing with a remarkable bloat of over 100 percent. Bitcoin Diamond provides a bit of inspiration in the midst of all the dead bodies.
On top 10 there are huge losses except for Tether Massacre went down by 0.29 percent. The biggest drop comes from EOS, accounting for an unimaginable 21.91 percentage point.
The story is no inconsistent with second place Ethereum which also plummeted 19.95 percent. The strings of depreciation keep going with an 18.62 and 18.57 percent registered by Bitcoin Cash and Cardano sequentially.
Then, it was followed by a 17.73 percent decline rate from Litecoin which is now the 7th most expensive digital currency in the world. Monero has managed to dislodged IOTA from the 10th position again but it started the day posting a miserable 16.48 percent leak.
Moreover, Stellar Lumen also could not stand the waves of injuries when it also succumbed to negative 14.16 percent slump. Bank Transfer Blockchain, XRP was bleeding with 13.21 percent.
Bitcoin became the 2nd least depreciating Massacre when it valued at a slip of 12.28 percent. The market price of the pioneer Cryptocurrency was pegged at $6,465.34.
What Is Happening
Some analysts have indicated that the sharp deterioration of the market stems from Goldman Sach’s decision to abandon plans for a Bitcoin Trading Desk. The financial institution recently declared its intention to have a Cryptocurrency portfolio which was a great joy to the crypto community.
Others have also stated that it might be a plan by institutional investors to manipulate the market in order to buy at a lower rate. The are some reports of AI sightings that noted there are some underhand dealings to make the prices of Cryptocurrencies to fall.
Whether these allegations are true or fall, the current state of the market is depressing. CWS is following the developments and will accordingly update our cherished readers.
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