The crypto markets have lost nearly $30 billion in the period of 24 hours with price value dumping to the mark of $10,000 covering the markets with the shadow of the bearish trend. It is going below this hook fourth time since its price rally started in an upward trend from April. The 24-hour change in the price value is -5.11%.
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Most of the altcoins affect more badly than Bitcoin and their price value is diving more deep and deep as cleared by their 24-hour values of change. Ethereum is degraded by -11.36% in the twenty-hour period. Similarly, Bitcoin Cash and Litecoin (LTC) are dumped by -10.83% and -10.06% respectively in one day time period.
Tether out of 23 altcoins is doing good with a 0.04% increase in 24-hour change in the price value while other coins are dropped nearly 9-12%.
Reasons behinds Dumping
Dovey Woo, a prominent venture analyst claimed that this dumping of Bitcoin is due to the fraud happened due to the large-scale Ponzi scheme. She went saying that about 70,000 BTC and 800,000 ETH scammed by some addresses of PlusToken.
Scammers created fake wallets through PlusToken that showing a high amount investment return which collected a pile of bitcoins from Ten million investors and traders.
I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells pic.twitter.com/uIjgrzwHET
— Dovey Wan 🗝 🦖 (@DoveyWan) August 14, 2019
Many reasons are listed behind downtrend of cryptocurrencies; some speculators are pointing that it is due to the recovery in the Chinese currency but some hold the opposite view about this downfall as they are claiming that the rising tension between China and America in the finance industry is the ultimate reason for this Bitcoin’s price dumping.
Peter Schieff, CEO of Europe Pacific capital Group, tweeted that:
Now that trade tensions with China has eased, the pressure on the Yuan is off. Those who bought bitcoin to speculate on Chinese safe haven buying, which never happened, are taking their chips off the table
What are the reasons behind this dumping of bitcoin? Share your views in the comment box.