Bitcoin crash, one of the most famous names in the Tech field. Since its creation in 2010, it has come to a long journey. 2021 is very special for Bitcoin and many other Digital currencies because their all-time prices were recorded in 2021. After having a great 2021, Cryptocurrency was heading in a great manner.
Most experts and crypto fanatics were expecting 2022 will be a golden year. So with new hopes, 2022 started. We all know the beginning of 2022 was great havoc for cryptocurrency. Countries started banning crypto and that caused huge damage to cryptocurrency.
India and China topped the list which banned Cryptocurrency recently. After the ban cryptocurrency market had its worst downfall and the market continuously depreciated for 8 days.
Bitcoin falls at a price of $42,000. After marking an all-time high many currencies had their worst downfall because of these fundamental reasons. The CoinWist team reported to you about it.
After the deadfall cryptocurrency market was looking for a bit comeback. The market was slightly rising over the past few days. With many fundamental issues and Omicron virus is striking the market in a bad way.
With all these crises, once again a thunderstrike stroke the market so badly, and the cryptocurrency market collapsed once again. Russia banning cryptocurrency was the main reason for this strike. The market almost went 15% down in a single day with this bad news.
Jan 20 Russia’s Central bank proposed banning the use of cryptocurrency and mining of cryptocurrency in the Russian Region.
Furthermore, Russia’s central bank mentioned a few reasons for the ban. Money laundering, threats to national money stability, and threats to citizens’ monetary wellbeing are some reasons.
Russia was not happy about cryptocurrency for many years. Russia always said cryptocurrency could be used in money laundering and finance terrorism.
As the reports say Pakistan is also looking for a strict cryptocurrency ban. Now many countries across Asia have banned cryptocurrency. The main reason they all mention is High volatility and illegal activities based on Cryptocurrency. However, all these things had caused great damage to the cryptocurrency market.
In the previous downfall, Bitcoin was trading at $42,000 and after Russia’s ban, the coin was down 15% in a single day. as per data from CoinMarketcap.com the cryptocurrency market cap has been depreciating over 12 percent in the last 24 hours.
At the moment The famous Bitcoin is trading at $35,248.29 and the second-best Ethereum is at a price of $2,426.37.
What’s next?
So far now cryptocurrency market is backing down for many reasons. Especially the fundamental reasons are so powerful holding the market so tightly in a bearish mood.
So now what’s next? We all know many people lost their money in this bearish time period. With the downtrend, many people have started to sell their currencies. This has caused a big selling power and this will tend the market to a very bad bearish red market.
Now the next point is the most important. The Entry point is the main successful key. So a downtrend market is always a good entry point. A downtrend market can create an immense profit, despite you need to be sure the market will not fall again.
So at this moment the best thing you should do is just hold your currencies until they rise back. Selling your currencies will create more downfall pressure and the market will fall again.
So the best thing you need to do is just Hold your things, Don’t buy or don’t sell… The experts and CoinWist analytics team are predicting that Bitcoin will fall a little more at a price around $30,000. The technical chart also shows the same results but let’s see.
We cannot predict the future only thing we can do is risk managing. We all hope the market will rise back. We don’t give you investing advice we only share our knowledge. So before investing read and analyze the market carefully.
