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New Delhi: Amidst various theories circulating about the future of cryptocurrencies in India, the global market has suffered a drop of nearly 6.50% in total market cap. The crypto market is seeing a huge sell off during the midnight trading session. Bitcoin continued to plunge over 15% and Etheruem continued to follow BTC’s lead.
Altcoins like Cardano and Ripple’s XRP also plunged over 20%. Gaming Tokens and Meta-Coins are the hardest hit coins, as Sandbox, AVAX, Decentraland, and others have all taken more than 30% losses.
The market has seen a few small attempts to recover but the question remains how far it can go.
Why is the market collapsing?
Almost all of the altcoins gave the red clues, Eth was expected to crush the $ 5,000 levels, but the crash limited the rally and hence the goal appears to be very difficult.
Since Evergrande announced that he was unsure of his financial situation, the crypto market has plunged. The price of Bitcoin slips below $ 50,000 for the very first time in the past 2 months. ETH saw a break from the $ 4,000 price point that it has enduringly firmly amid the multiple pullbacks.
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