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Can we see more selling pressure in cryptocurrencies market

 Major sell off in the Cryptocurrencies & Reason for sharp correction in cryptocurrencies

Cryptocurrencies are Continuing Downfall On the other hand, Ethereum is seeing a lot of decline. The Ethereum cryptocurrency has recorded a decline of more than 5% so far. If we talk about other cryptocurrencies, in the last few days, there is a decline of 2% to 5% in Cardano, Ripple, Dogecoin, Litecoin and other cryptocurrencies and coins. Please note that there is no regulation on cryptocurrencies yet. But talking about some countries in the world, some selected companies have started accepting cryptocurrency.

If we consider the market cap of cryptocurrency at the global level, its market cap is more than Rs 136 lakh crore. But the market cap of cryptocurrencies has come down in the last few days. If we talk about global statistics, the market cap of cryptocurrencies has decreased by more than 3% in the last few weeks. If we do the last 24 hours, according to cryptocurrency exchanges, less than 10% volume is seen in cryptocurrencies. According to a report, the volume of the crypto market in the last 1 or 2 days has remained around Rs 10,08,280 crore. If we talk about the price of Bitcoin according to Indian currency, then it is around Rs 33, 47,000. Talking about the price of Ethereum, it is trading near INR 2, 27,990.

Can we see more selling pressure in cryptocurrencies market

Unicoin technologies launches new app for accepting Bitcoin for Fasttag To-up or recharge.

On the other hand, news of Bitcoin accetance is also coming out in Indian. According to media reports, Bengaluru-based technology, Unicoin has approved acceptance of the cryptocurrency sold to top-up fastag stickers. The minimum plan for this top-up is 100rs and the maximum top-up amount that can be entered is up to 10,000rs. One condition of this will be that you have enough bitcoins in your wallet and another benefit will be that there will be no additional fees or expenses involved in creating a FASTag and the user can do unlimited amount of transactions throughout the day.

Solana's blockchain network again restarted:

The shutdown of Solana's blockchain for some time has also become a problem for cryptocurrency experts and experts in the cryptocurrency market are also heavily criticized for this. According to Solana Blockchain Site, the problem was solved for the next 24 hours and the network has started working again, during which no one has lost any money. The price of the Solana crypto token has fallen by more than 15% in the last 10 days and has even gone down to $131 in the morning when we talk about the current price. But in the last few weeks, the Solana crypto token has seen a rally of more than 680%, which is believed to be the highest rally of any cryptocurrency in a few weeks.

Also Read: Sansera engineering IPo, should you hold or sell

Why Cryptocurrencies are going down:

The cryptocurrency has also seen a lot of bounce in the last few years. In such a situation, getting correction is not a big deal. But crypto traders and crypto investors need to be cautious. According to experts in the cryptocurrencies market can still be seen in the selloff Cryptocurrencies. But if crypto science and cryptocurrencies stop at these price levels then we can again see a pull back in cryptocurrencies. If we look in the financial markets, correction at higher levels is also considered a part of profit booking but in the financial markets the market regulators always keep a track record of buying and selling. But till now no such regulation has come in the cryptocurrency market. But so far the sell off in cryptocurrencies and crypto coins can be seen a little more.

Disclaimer: The above discussion on cryptocurrencies market is personal view of the author of this website. Please do your own research too. 

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