Price of Cryptocurrencies Crashing

Crptocurrencties are notoriously volatile, meaning that their value can massively fluctuate at any given time. Just today, the cryto market took a hit and lost around $30 Billion.

What drives crypto prices ?

The price of cryptocurrencies usually go up and down in line with news events. As you may have already noticed, whenever there is news that some big financial player signs a partnership with a blockchain company, the crypto’s price goes up. In contrast, when there is bad news that hits newspapers, prices also goes down.

And also the simple act of buying and selling crypto can drive the price up or down. This has to do with the supply and demand of the market.

What caused today’s Drop ?

It is always important to look at the bigger picture and not one sidedly when you are trying to predict the price of cryptocurrency.

• First Reason — The first sign came as early as last week, when South Korean government announced it will considered regulating and even banning cryptocurrency trading. A few days later, however, the government rectified their statement, adding that there are no further plans but all-out ban.
• Second Reason — The same week, a report suggested that the Chinese central government is working to drive out the country’s bitcoin mining community. Believed to be the largest crypto mining community in the world, the group poses many risks because their sheer size and volume can alter the market.
• Third Reason — A report emerged yesterday from a major news outlet suggesting that China is actively preparing to block access to international bitcoin exchanges. The news comes a few months after the country banned some exchanges as well as initial coin offering or ICOs.

How much could you lose ?

Looking at each of the major crypto players; bitcoin crashed under the $12,000 mark following a recent high of over $20,000.

Ethereum, on the other hand, dropped 20% to around $1000 per token, while Ripple (XRP) lost a third of its value at the time of writing. Overall, the cryptocurrency market lost an average of $30 Billion in about 10 minutes, imagine that loss for just a few minutes.

What can we expect next ?

It’s always hard to say where the prices will swing next, but we strongly believe cryptocurrencies are here to stay. Today’s move can be explained by massive sellout driven by fear of a complete breakdown of the cryptocurrency market. The move to sell, chosen by many traders today, does nothing but hurt the market even more, as more and more people add downward pressure to the market. However, as this massive sellout was based on news events, soon the prices will correct over the short term.

DeepOnion affected

See the Chart that is the price of DeepOnion in Dollars and Bitcoin. In just a short span of time from the highest of $18 to $9 in just a week.

We don’t have to worry

Just hold your coins wait until the right time. Because if you will sellout your Onions you will just contribute of bringing the Onion Price Down. Don’t worry Cryptocurrency will stay. So don’t be afraid and don’t worry just wait until the prices will correct. Don’t listen to the news that cryptocurrency will completely breakdown.

-Grimorum from DeepOnion