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Why cryptocurrencies price is going down

 Can we see more downside in cryptocurrency market:

The Central American nation of El Salvador on Tuesday acknowledged bitcoin as legitimate delicate, however the world's generally famous, most established and biggest cryptographic money didn't go down well with it. On Wednesday, its price fell by as much as 10 thousand dollars. The price of bitcoin fell in excess of 15% to $42,000.

Its Launch was influenced because of specialised errors in El Salvador. President Nayib Bukele said that the advanced wallet being utilized for the exchange isn't working. Alongside bitcoin, the price of other cryptocurrencies has additionally fallen radically. As per CoinGecko, this decrease has diminished the market worth of the digital money by $300 billion as of now.


                      Why cryptocurrencies price is going down

 

Few following questions are coming into the mind of cryptocurrency investors & trader?

  • Why cryptocurrency market is down today?
  • why Bitcoin price is doing down?
  • Should you buy Bitcoin at current price?
  • At what Price level you should buy Bitcoin?
  • Is it right time to buy ethereum crypto currency?
  • Is it right time to buy Bitcoin?

Can we see more correction in cryptocurrency market? 

You will get answers of your questions. 

Nonetheless, there has been some remedy in the price of bitcoin as the day advanced. If we will check the prices of bitcoin, ethereum  on cryptocurrencies exchanges  then bitcoin was trading around  $ 45800 which is equal to Indian currency Rs 3604359 with a fall of more than 11% it was the big correction in any cryptocurrency. Similarly in other popular crypto currency ,  price of Ethereum, was trading down nearly 12% at $ 3323 which is equal to Rs 262617.

Similarly, the price of Dogecoin fell by more than 14%. Recently Solana had showed big up move in its price and made life time high but today the price of Solana crypto was down  by more than 11 percent. Similary Cardano crypto had also show up side movement in the past few weeks but today  the price of Cardano was down by  more than 12 percent.  XRP  which is not popolar in cryptocurrencies traders , the price of XRP also dropped down more than  18% which was big correction as compared to other crypto coins. On the other hand,  we had seen some upside movement in few crypt currencies like XEC & its price had increased by more than 3. 8 % . Also we had seen good upside movement in FET of today trading session of crypto currencies &  FET  was trading  up by more than 14  per cent. As per the  Experts view if  the price of Bitcoin is above $43,000 then experts are not expecting much downside in bitcoin and they will remain bullish on Bitcoin but if Bitcoin break the level of $42,500 level or below $42000 levels in coming days then it will be alarming situation for the Bitcoin currency traders.

Also Read:Few days back Solana & cardano crypto was making highs

Compare cryptocurrency market with Stock market:

There is no any question that cryptocurrency is in demand from last few years. In the foreign countries youngsters are attracting more toward crypto currency because all they want digital wallet currency. In India people are  also investing inthe Bitcoing & other cryptocurrencies at their own risk. 

We had see huge upside momentum in the cryptocurrencies in last couple of years, crypto like bitcoin,Solana crypto, Cardano crypto & Ethereum crypto prices. Similarly we had big upside movement in India world stock markets and we have not seen much corrections from last couple of months but we all know that correction in the world stock markets are also due but on one can say when it may start. Even there is not direct comparison in between Cryptocurrency market & Stock market because stock market comes under government regulation but crypto does not but still money is involves in both exchanges. people invest in crypto currencies for earning profit as they do invest in the stock market it means motive is same that is making profit. Therefore once big investors or big traders will think that now markets are overvalued then we always see deep corrections in the financial markets which is quite obvious. Every investor & trader want to book profit. Mind it big correction never come into few days it comes in steps. IF you will read it carefully then you will get answer of your above questions. 

Must Read: How you can earn profit from cryptocurrency

Indian Government action on Digital currency:

In India traders of Crypto are taking precautions or we can say that they need to stay alert. The central government may before long make a major stride on digital currencies. The public authority can place it in the classification of resource or commodity. If it happens then we may see big trading move in either side.  As per the experts of currency markets , crypto assets will be defined on the basis of their technology or end use. In current situation, the biggest problem in front of the government is that how government should be considered as cryptocurrency and  what will be the taxed on it. Should it be  treated as an asset or service like a currency, commodity or equity share.

Few Months back when the price of bitcoin hit $29,000 in June  then it was a six-month low. Now we have seen big upside movement from those levels & Bitcoin went like a rocket. Such type of big up movement is also concern for the government of countries where people have invested a lot in cryptocurrencies. Bitcoin is still far from its record price, which is around $65,000. Bitcoin touched this level in April.

 Recently, Indian  Finance Minister Nirmala Sitharaman had told that the Cabinet approval is awaited regarding the bill related to digital currency. The proposed bill has been set before the cabinet. The Inter-Ministerial Committee on Cryptocurrencies, established under the chairmanship of the Secretary of Economic Affairs, has likewise presented its report to examine the issues identified with the advanced currency and propose explicit activities.

Previous RBI Deputy Governor R Gandhi said that crypto isn't a currency however it ought to be treated as a different resource class. It ought to likewise be managed similarly. This will assist governments all throughout the planet to viably manage criminal operations including virtual monetary standards. In an occasion, R Gandhi said that following quite a while of discussion people have perceived that cryptographic money can't be on the grounds that it isn't lawfully substantial. it will be easy to say nobody can compel someone else to acknowledge crypto.


Disclaimer: Above shared Data of cryptocurrencies prices is collected from different cryptocurrency exchanges. Please do your own research before making any investment or selling. My view may differ from other experts of same market. 

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