It has been a tough couple of weeks for the crypto investors as major Cryptocurrencies still plunge in price taking the market cap all the way all the way down to $1.28 trillion dollars. Few months back few Crypto's crossed their all time high price mark, but now they're facing an enormous set back.
You may be be thinking what's the explanation behind this ? well during this blog I will be able to explain what are the key factors causing the Crypto market to travel down. As you all know, earlier in May, Bitcoin crash has been caused by Elon Musk tweeting in favor of Dogecoin and also Tesla making a U-Turn on accepting Bitcoin as payment for its products and China turning down on Initial Coin Offerings, block exchanges and warned against speculative trading.
Bitcoins Fall
China's part in crypto crash
Future of Crypto
Hugely, cryptocurrency has become a superior and innovation to the physical currencies. Majorly, this is often because it doesn't require an excessive amount of infrastructure to figure. Let's take the instance of Bitcoin; it is stored on a phone, computer, or cloud. The advantage of Bitcoin is that it's secure and hard to forge. The creation of Bitcoin may be a complex process so it’s hard to govern the system. Therefore, it's hard to compromise the Bitcoin currency.
Earlier Monday, MicroStrategy announced it had completed another round of Bitcoin purchase, bringing its total holdings to over 100,000. In its latest purchase, the corporate spent roughly $489 million on 13,005 tokens. Surprisingly, some big companies like Tesla, Paypal and Mastercard have invested in Bitcoin cryptocurrency thanks to the advantages it brings. a serious advantage of using cryptocurrency is that it makes it easier to pay employees more conveniently.
There's a high potential for cryptocurrency, which can evolve with time. In some countries, cryptocurrency is quickly accepted as a store important, however, it's going to not be fully ideal for transactions if there are better alternatives.