Cryptocurrency's take a major hit
Over the past day virtually all cryptocurrency's have suffered a huge drop in value. At the time of writing, there is a -17.56% change in Bitcoin and a massive -31.7% in TRON. Obviously, this has had a detrimental effect on everyone's portfolios, causing many people to question whether they should just sell and try to mitigate their losses or to hold and hope the market bounces back.
(Source: https://coinmarketgap, screenshot taken 16/01/18, 19:20 GMT)
According to https://coinmarketgap, at time of writing, only TWO coins are in the green in the entirety of the top 100. So, if you currently hold Tether or Neblio, there is a very small silver lining for you at least.
So what has caused this massive dip in the price of Cryptos?
Although we can never be totally certain what causes the fluctuations in the price of Cryptocurrency, the most probable cause is the fact that China Escalates Crackdown on Cryptocurrency Trading (from Bloomberg).
Citing Bloomberg - 'China is escalating its clampdown on cryptocurrency trading, targeting online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter.'
It remains to be seen how long this dip shall last for. Will bitcoin bounce back? Or will it plateau to a much decreased price? We will just have to wait and see.
Check out my other Articles:
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Rise of the DogeCoin
Watch out Ebay
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