No products in the cart.
The reason why Bitcoin and crypto market at large is plummeting after a short-lived surge
After jumping by over 8% on Wednesday, Bitcoin has fallen again followed by a…
The post The reason why Bitcoin and the crypto market at large are plummeting after a short-lived surge appeared first on CoinJournal.
After jumping by over 8% on Wednesday, Bitcoin has fallen again followed by a majority of popular cryptocurrencies. Bitcoin has staged a spirited bullish trend in the past week or so that had seen it rise above $42,000 by yesterday before the tables turned and pushed it to around $39,000 at the time of writing.
Ethereum, the second-largest cryptocurrency by market cap, has followed suit by nose-diving again and it is now trading at around $2,500. The bear market has affected the majority of the top 100 coins; most of which were skyrocketing for the past few days.
In this article, we are going to look at what is causing the rough tides within the crypto market. Why is it that it is crashing every time it tries to make a comeback?
Why has Bitcoin and the majority of coins fallen today?
The main contributor to today’s crypto market crash is the ongoing conflict between Russia and Ukraine. The Russian invasion of Ukraine appears to only bear a heavy burden on the stock market but also on digital assets like bitcoin (BTC).
While some analysts like Mark Mobius claim that the conflict in Eastern Europe has most likely helped bitcoin stay strong, the fact is that the crypto market could be heading for a major drop if the conflict continues. And it is evident from how the market has been behaving.
Short-lived effect of Biden’s executive order
The fact is that the recent short-lived bullish trend was attributed to the much anticipated executive order by the president of the United States Joe Biden. Immediately after the executive order was signed it only took a few hours for the effect of the news to fade away leaving the market at the mercy of the ruthless bear forces caused by the Russia-Ukraine war.
The threat of the war becoming bigger is threatening the crypto market further since investors are either pulling out their money completely or taking a break from buying risk-based assets like bitcoin for fear that the assets will crash.
Berkshire Hathaway’s Warren Buffett warned that it is not wise to invest in Bitcoin during times of war and a majority of investors appear to be buying the advice. There are also uncertainties surrounding the future of the ongoing conflict with the majority asking themselves what position nations like the US, the UK, Germany, France, and China will take if Russia intensifies the attacks.
The post The reason why Bitcoin and crypto market at large is plummeting after a short-lived surge appeared first on CoinJournal.
- September 2022 (417)
- August 2022 (519)
- July 2022 (418)
- June 2022 (416)
- May 2022 (369)
- April 2022 (367)
- March 2022 (505)
- February 2022 (455)
- January 2022 (435)
- December 2021 (428)
- November 2021 (367)
- October 2021 (359)
- September 2021 (357)
- August 2021 (126)
- July 2021 (21)
- June 2021 (19)
- May 2021 (4)
- April 2021 (6)
- March 2021 (23)
- February 2021 (23)
- January 2021 (27)
- August 2020 (1)
- July 2020 (7)
- June 2020 (1)
- April 2020 (2)
- Ethereum Price Broke Out Of Descending Channel, What’s Next?
- Cardano Price Surges, Will The Bulls Hold The Recovery?
- Quant (QNT) Adds 10% In 24 Hours While Macro Uncertainty Pulls Others
- Ripple Outperforming Almost The Whole Market, What’s Pumping XRP Price?
- Maker DAO Shows Bullish Sentiment After A While, Eyes $800?