The Cryptocurrency Market Plunge what does it mean for Bitcoin and Ethereum?

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The Cryptocurrency Market Plunge: what does it mean for Bitcoin and Ethereum?

As of March 09 2018, the total cryptocurrency market capitalization has dropped to $320 billion from a recent high of $826 billion in early January, wiping out more than 60 percent of its value.

The decline in the value of cryptocurrencies is not a standalone phenomenon rather it is a reflection of the general sentiment in global financial markets. The sell-off was mainly triggered by a combination of factors including regulatory uncertainty, declining investor confidence, and institutional investors cashing out their profits gained during the last year’s rally.

The Cryptocurrency Market Plunge: what does it mean for Bitcoin and Ethereum?

March 15, 2018 March 15, 2018 / News, Opinion/Analysis

Coinbase, one of the largest cryptocurrency exchanges in the world, has announced that ERC20 tokens will be added to its trading platform. This news has led to a massive increase in the value of Ethereum.

However, this is not the only reason why the market is growing. According to Bloomberg and many other sources, almost $400 billion dollars have been spent on ICOs in 2017 and this trend is likely to continue in 2018.

Let’s take a closer look at the reasons behind this growth and try to determine whether we are facing a bubble or not!

In the first week of 2018, the cryptocurrency market went through a major correction, losing nearly $200 billion. The price of Bitcoin (BTC) fell below $10,000 and Ethereum (ETH) below $1,000. We’re not here to analyze the reasons behind this market plunge. There are many factors that have led to this correction; some say it was just a long-awaited correction after such an explosive 2017, others blame the South Korea regulatory move as the main cause for this meltdown. One thing is for sure: we can’t be 100% sure about the reasons behind this pullback.

So what does it mean for Bitcoin and Ether? Are we entering a bear market or is this just another correction on our way to new all-time highs? Let’s try to answer these questions in today’s article.

The Crypto Market Plunge Looked Like a Panic Sell-off

We don’t want to bore you with technical details and historical comparisons, so let’s just say that last week’s correction looked quite severe. Bitcoin lost as much as 35% in 7 days and Ethereum more than 40%. This was one of the worst corrections in history and it came at a time

The news of the last few days concerning the cryptocurrency market is an inevitable topic. The market has been on a path to recovery since the beginning of April, but that trend came to a halt this week. The Bitcoin price fell from $9250 to $8500 in a matter of minutes, and Ethereum plunged from $700 to $590 in two hours.

This comes after a bearish month for both cryptocurrencies. Ethereum had its worst day on April 30 when it plunged by 20 percent, and Bitcoin also had its worst day in May 2018 when it fell by 16 percent on May 5, 2018. So what does this mean for these two colossal cryptocurrencies?

The price correction was inevitable

Both Bitcoin and Ethereum have been in an upward trajectory since the start of April. Both cryptocurrencies have grown by more than 20 percent during that period, which is quite remarkable given the state of the market over the past few months.

But such growth rates are unsustainable and they need periods of correction. The exponential rise started at the end of April, when both currencies were around 20 percent lower compared to today’s prices. This means that for Ethereum, this is not actually a huge correction because it has only lost six or seven percent from its gains over the past few days. For

The cryptocurrency market is a roller coaster. After a brief correction in early June, prices plunged over the weekend. Bitcoin dropped by 12% from $6,890 to $6,080, wiping out about a third of its gains since the start of April. Ethereum fell by more than 20% from $520 to $410.

The reasons for the correction are not clear. The most common explanation is that South Korea’s second largest cryptocurrency exchange Bithumb was hacked, resulting in a loss of about 30 million U.S. dollars worth of coins mainly belonging to customers.

It is certainly possible that this played a role. There has been a spate of hacks recently, with Coinrail and Bancor both suffering substantial losses (although in Bancor’s case the attackers were not able to steal customer deposits). Few details have been released and it is unclear whether or not it was an external hack or an inside job. Nevertheless, such incidents can have a disproportionate effect on markets because they generate bad publicity and remind people of the risks associated with holding cryptocurrencies.

The story is plausible but it is also easy to see why some commentators remain unconvinced by it. The plunge occurred over the weekend when markets are usually quiet and volume is low, so there was

I’m going to be talking about Bitcoin and Ethereum today, specifically addressing the question of whether or not we should take this market plunge as a sign that cryptocurrencies are on their way out.

First of all, it’s important to note that we’re only looking at one day’s worth of data here. It would be unwise to come to any conclusions about the value of cryptocurrencies like Bitcoin or Ethereum based on a single day’s worth of trading. At the same time, it’s easy to see how some people might be spooked by the steep drop in value. As I write this, Bitcoin is valued at $10,215 US dollars per coin; Ethereum is selling for $915 per coin. These are far from their all-time highs, certainly… but they’re also far from being considered a failure.

The important thing to remember is that cryptocurrencies have seen huge gains over the last year and that there was bound to be some kind of correction eventually. Even if you take away all the bad press, even if you ignore all the hacks and scandals associated with cryptocurrencies like Bitcoin, they still have a long way to go before they attain anything like mainstream acceptance. Cryptocurrencies are still in their infancy; it’s crazy to expect them to grow without experiencing growing pains

Once upon a time, I wrote an article about Bitcoin, which has been and still is one of the most popular articles on this blog. The article was written in March 2017. At the time, I was new to the world of cryptocurrency and I decided to write a post as an introduction to Bitcoin. Since then, I have been following the cryptocurrency market closely and writing articles every few months or so to update my readers on how things were going.

In December 2017, Bitcoin hit an all-time high of nearly $20,000 and since then it has fallen significantly and dramatically. In case you didn’t know this already, the cryptocurrency market has plunged by more than 70% in value since January 2018. This is a topic that is making major headlines around the world and it is one that many people are talking about. It is also something that has affected many people’s lives in one way or another.

How does this affect you? Are you worried about what happens next? If you are holding onto your Bitcoin or other cryptocurrencies (e.g., Ethereum) for the long term and you are not planning on selling anytime soon, then there should be no need for alarm. But if you have bought into the hype because you were hoping to get rich quick and make

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