@CyberCrypto
more from that month
Why all Cryptocurrencies has fallen 25% Today? BCH, BTC, ETH, BNB, USDT are all down. Cryptocurrency has rapidly has fallen in these 48 hrs, but why?
**Cryptocurrencies are very volatile and big people and news can easily manipulate the markets.** The thing that happened here in these two days seems some really big investors seem to do **profit booking** and sudden change in volume made retailers panic sell the cryptos. Also, it seems retail investors came for quick **profit booking** and took the rumors and sold cryptos. These are the people who buy or sell crypto on rumors. due to this people markets became very unstable
Effect of China on cryptocurrencies. Recently China has ordered bitcoin mining companies to shut down their mining completely China’s state planner, the National Development and Reform Commission (NDRC), said that they will continue to clean up virtual currency mining in the country. The banks of china like the central bank and People Bank of China has stopped transaction linked with cryptocurrencies following the order of China. China is focusing to wipe out all Crypto mining and reduce carbon emission This decision may also lead to a downfall in the market. Effect of Elon Musk on cryptocurrencies. Earlier when Musk started accepting bitcoin it created a huge upward trend in the crypto market. But after some months he stopped accepting justifying mining Bitcoin takes too much power and increase the consumption of Coal, which is leading to Global Warming Hence he will not support it and stopped accepting Bitcoin. This is also the reason our Bitcoin Cash BCH has also fallen
**Disclaimer:** No one can predict the market nor can know exactly what may be the reasons. These are assumptions that may be valid. Thank You CyberCrypto
4 comments
I think some of it was due to the recent "infrastructure bill" (put into parenthesis because there really isn't any infrastructure in it) signed into law by Biden which puts some changes to certain reporting of crypto gains. As much as we want to believe that there is a such thing as a purely unregulated, decentralized thing such as cryptocurrency, at the end of the day it can never truly be that so long as governments can make laws governing it. https://www.kiplinger.com/investing/cryptocurrency/603692/infrastructure-bill-change-crypto#:~:text=The%20infrastructure%20bill%2C%20targeted%20at%20investing%20%241.2%20trillion,from%20more%20stringent%20information%20reporting%20for%20cryptocurrency%20transactions.
If the government gonna make laws how it will remain decentralized right. Government just wants to earn more taxes. Also, thanks for encouraging me with tip @Porwest . It took time to write but no one watched it.
Great post. But why is all yours articles less than 600 words or less than 3min
yesterday market was down and wanted to post article quicker, that may be the reason. Thanks for the advice next time I will pay attention more.