In the last few days, Bitcoin and other top 50 cryptocurrencies have been taking a tumble in their prices, as a mixture of negative news with FUD (fear, uncertainty and doubt).
A quick look at the top 10 charts on CoinMarketCap indicates a bearish trend where all the virtual coins (with the exception of Ethereum) have taken a dip between 3 percent and 34 percent – at press time – over the course of the last 24 hours. In the case of Bitcoin – which was struggling to keep hovering over the 5 digits until January 31 – it is right now on the red number, quoting its value at $ 7,856.56 per coin, descending to this number at 14:00 UTC on February 2, and holding a market cap of $ 132.31 billion.
Other cryptocurrencies followed this coin’s trend. Ripple went down a 30.17 percent in the same time span, quoting its USD/XRP exchange rate at $ 0.73. Meanwhile, Bitcoin Cash saw its reddish percentage at 20.75 , with its price locating at $ 1,090.30 . Cardano was the most affected, performing negatively with a 30.53 % of loss in its USD/ADA exchange rate. Even NEO, which was performing well whereas the other coins were losing ground over the course of the last 3 days, saw the end of the uptrend road at 01:19 UTC on January 30.
On the other hand, Ethereum has shown resistance in this bearish scene. But at the time of writing these lines, has run the same fate as the rest, following a trend that marks a -24.54%, valued at $ 840.62 per currency, with a market capital of 81.84 billion. dollars, which places it at only 54 billion dollars to reach the capital of the world’s largest currency.
Possible factors behind the leap
It looks like a report from India regarding finance minister and his critic about cryptocoins, where he stated that regulators will do all that’s necessary to wipe them out and avoiding their use in criminal activities, was the main reason driving prices downwards.
However, the round of “bad news” includes notices from South Korea and China, where regulations on those countries are taking their tolls in the crypto-market. Adding to the FUD, there’s the advent of Chinese New Year, which prompt people to sell their virtual coins in order to have fiat currency for the upcoming festivity.