The cryptocurrency market is open even in/during the weekends, and if anyone is sitting in any cryptocurrency, they will be very much surprised in the beginning of the next week.
The price of the Bitcoin fell just/only today by 10%, and most of the altcoins by 15-20%.
10-20% minus just/only today
Bitcoin emerged to a new historic peak, to $64 854 USD, but it started to fall in the past few days. The fall became more quick, it went down to $50 931 USD, so Bitcoin fell more than 21% in 4 days.
Image source: https://cdn.portfolio.hu.
Ethereum reached an all time high of $2548 USD during the week. Today it went down to $1947 USD, so Ethereum fell almost 24% in a few days.
Ripple was one of the stars of the recent few weeks. While it was on $0.55 USD in the beginning of April, it went up to $1.97 USD in the middle of the week, so it went up 3.6x in 2.5 weeks, but today it went down to $1.16 USD. This is a 41% fall from the peak from the middle of the week.
Stellar was also a big star. It fell from the peak of the middle of the week of $0.69 USD to $0.44 USD, so it fell 36% in a few days.
Elon Musk's favorite coin, the Dogecoin, which was originally started as a joke currency, was at $0.05 USD at the end of March, and it was more than $0.41 USD in the middle of the week, so it increased 8x. It was some movement here too. Yesterday it fell to $0.23 USD, today it started to move up.
Why
There could be multiple reasons behind the price crash:
Cryptocurrencies moved up a lot in the recent past, indicators showed in many times that they are overbought.
Most of the investors were in massive profits, and they could have been "realized" (at least some/most of) it by selling various cryptocurrencies.
The falling happened very quickly, harming important technical levels in many cases, because of this, the algorythms could also have been boosted the selling wave.
In the middle of the week, the central bank of Turkey announced that they will ban paying with cryptocurrencies.
Rumors are spreading about that the Department of Treasury (USA) would fine multiple money institutions, because they commited money laundering with cryptocurrencies.
The international media started to spread a one month old news that India would ban cryptocurrencies.
I woke up in shock when checking the market today...went to sleep last night everything was looking good...😂😂😂
Nearly all coins went down crazily...how come everyone dumping at the same time!?! Or is it only one whale doing this!?! 🤷♂️🤷♂️🤷♂️
Most of the crash is probably related to the news about planned cryptocurrency regulations from various governments.
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