The entire cryptocurrency market is in brutal red. Bitcoin is down 7.7% in the last 24 hours, all the way down to $5197 as reported by CoinGecko. ETH is down 11% to $157, Bitcoin Cash down by 22% to $243. It seems like the whole crypto world is falling apart.
Crypto Crash is “NOT” new
If you have been in the crypto space for long, you know that market crash is not new for the crypto world. The cryptocurrency markets have experienced similar downfalls and bear markets that have lasted for years.
It seems the entire crypto space is in the “Anger” stage. After panic selling, everyone is angry top have lost a considerable deal by not selling their crypto on time. There is a lot of anger being spread on YouTube, Telegram and other channels.
Should we blame the SEC?
Many crypto lovers are blaming the SEC for the market crash. A few days back, the SEC took down the founder of Etherdelta when he was fined a considerable amount for running a decentralized exchange for years. The SEC also fined 2 ICOs, Paragon and Airfox. Both of these were forced to refund to investors and a fine of $250,000 each.
Bitcoin traded at around $19000 last year in December and is down about 70% from that value. Adding to the negative sentiment, Bloomberg predicted previous week that BTC price would reach $1500, which means another 70% from the current value.
The Bear market can be considered a test for market maturity and as a tool for testing the active players and whipping out most of the investors and companies.
What do you feel about the current market state? Let us know in the comments section below.