Since the beginning of Friday, currencies began a violent decline, especially as the market was filled with red color, and most currencies began tracking Bitcoin in the decline, reaching absolutely unexpected numbers.
But before we go into reviewing the performance of currencies on this day.
Let us try to conclude with each other the causes of the violent decline that befell the market. I will call it a drop if the reason is the widely circulated news, namely the taxes that Biden decided to impose on cryptocurrency transactions.
Which led to a sharp decline not only in the cryptocurrency market, but also in the stock market.
Another point is the ban on cryptocurrencies that came from Turkey, which also caused a significant drop in cryptocurrencies, especially since there is a large base of transactions that take place in Turkey.
But if I were to call it a correction, this is the usual cycle of cryptocurrencies, rise and fall, there is no continuous rise or fall. This is the usual cycle that I personally hope is the cause.
Bitcoin & Ethereum
Let's take a look at Bitcoin, whose price has now reached 48,500 dollars, where it fell nearly 7 thousand dollars in about 12 hours only, which led to a decline of about 10%. As for the weekly performance, it fell by about 20% to continue the downturn.
Certainly, without going into the next paragraph, the fall of Bitcoin has caused the entire market to be flooded with blood, but ...
Ethereum is the best performance
After Ethereum reached its highest peak at $ 2,600, it fell by the same rate as Bitcoin, but the difference here in the weekly performance that made Ethereum drop by only 10%, i.e. the rate of decline today. Other than that, Ethereum at a price of $ 2,200 is a very good thing.
The rest of the cryptocurrencies
The decline of the rest of the cryptocurrencies ranged between 10% and 30%, with DGB and Siacoin accounting for the highest drop, while Bitcoin Gold, on the contrary, went completely opposite to the trend and rose by about 50%.
What are your expectations for the remainder of April?
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