Chinese Repression caused dip in cryptocurrency
What actually happened?
On Tuesday, following the crackdown on cryptocurrencies by the regulators of China, the prices of many cryptocurrencies tanked. China, the world’s largest growing economy, debarred it’s financial institutions, banks, online payment and trading companies from rendering any services regarding cryptocurrencies to its clients, from purchasing to selling. Bitcoin, the most popular cryptocurrency has hit a new low, at $30,666 after peaking in February. Other popular virtual currencies like Ethereum, Litecoin, Dogecoin and Shiba Inu coin also nosedived. Nearly $1 trillion has been wiped out of the crypto currency market.
What to expect now?
After the tumbling of the crypto market, the future of virtual currencies may look bleak, but the market analysts have termed this as a short time decline. The prices were bound to plummet after peaking dramatically and this is completely normal in a volatile market as such. Many investers might use this market crash to their benefits and buy these cryptocurrencies at lower prices