Cryptocurrency markets have been on a downward trend since October 23rd, with Bitcoin and Ethereum taking the biggest hits.
The cryptocurrency market has been on a downward trend since October 23rd, with Bitcoin and Ethereum taking the biggest hits. While there are many reasons for this downturn, some of them may be surprising to those who aren’t well-versed in the crypto world. One of the main causes is that over 80% of Bitcoin mining is now performed by Chinese companies. China has recently taken steps to regulate cryptocurrency mining operations within its borders, which could have a big impact on how much profit these companies can make. This would also affect how much profit other miners could make as well.
Another factor that may be contributing to the crypto market’s downturn is that some investors have been waiting for their holdings to increase in value before selling them off. These investors are hoping that they will get more money than they put into their investments if they wait long enough. However, this strategy isn’t working out as well as it should be due to the recent downturn in prices.
