Why crypto market is falling down?

June 22, 2021 2:26am CST
It has been from last couple of months that the crypto market is going down day by day. The Bitcoin was trading near 64000 when it crashed. Now the price is trading near 32000 level which is almost 50% down from its all time high. The the reason behind the fall of the crypto market is largely due to the ongoing situation in China. China already implemented a strict law against crypto market. China is one of the most influential place where miners are generating income worth billions. Hence any law against such miners will directly affect the crypto market and that is why the market is going so rapidly down. Is there any scope of up move from here? Probably we might see some jump from the lower levels but it will take time for the market to settle down. It may take one to two months for Bitcoin and all other coins to recover all the losses it had occurred in the last couple of months. We can just hope for the best at this moment.
2 people like this
4 responses
@CuriousGab (3273)
• India
22 Jun 21
@konvicted1911 I saw a video about mining in China.It is a very leading market. However the Chinese government doesn't support it.I heard they were mining secretly.
2 people like this
22 Jun 21
Yes. China is strict with their laws.
2 people like this
• Indonesia
4 Dec
@CuriousGab maybe i saw same video as you do, so basically China doesn't support it, how about in your country these day, did your friend invest on crypto too?
1 person likes this
• India
6 Dec
@sunagungjaya Not really, my friends don't invest in crypto..it is not that popular in my country. Stock market and mutual funds are more popular
@sharon6345 (316185)
• United States
22 Jun 21
I have heard so many praises about this so I am not sure at all.
2 people like this
22 Jun 21
Yes. You must follow the market in order to be updated.
@Purnm021 (33)
• Indonesia
22 Aug
In reality now, bitcoin not only depend on demand and supply but issues. The issues of bitcoin are dominated by china restriction and environment effect during mining. These challanges must handled by bitcoin owner and developer, hopely in future bitcoin will use speadly in entire world due to security and eficient transaction...
• Indonesia
22 Aug
@myklj999 ...thank you for your info
1 person likes this
@Reyzon (34)
• Yogyakarta, Indonesia
22 Jul
because negative sentiment dominates now, let alone the Chinese government which strictly prohibits everything related to bitcoin. but I believe this digital currency ( Cyptocurrency ) will be victorious in the future.