Why Crypto currency markets are down today?
Date: 11-Nov-2021 (Wednesday)
Here are few possible reasons for recent Crypto currency market crash.
1. China crackdown on Crypto currency mining
China Giverment declared all activities related to Crypto currencies as illegal. In last few months China is going hard on crypto currency mining and even other related transactions with Cryptocurrencies to stop all kind of fradulent activities.
Source1: China Crackdown on Crypto
2. United States of America recent Bill
US goverment passed that had few points on Taxing & regulating Crypto currencies
Source: Biden’s New Crypto Tax
3. Indian government statement
India Gov suggested a statement on crypto currencies this week. Quoting “Cypto currency can’t be stopped, but there is need for regulation”
Source: Crypto needs regulation.
There can be other reasons for the crash or the bear market around the globe.
In recent times, the most powerful influencers like Elon Musk’s tweets tend to move the market considerably.
But as per our view these 3 news that arrived in this week, has made lot of investers to sell their cypto currencies and moved the market down.