Cryptocurrency has been in a slump since the first week of August, with many currencies seeing losses of over 50%.
Cryptocurrency has been in a slump since the first week of August, with many currencies seeing losses of over 50%. The slump is part of a larger correction that started at the end of May and continues to this day. Some are blaming the ongoing US-China trade war for the drop, while others are pointing to regulatory issues and concerns about market manipulation. Regardless, it’s hard to ignore the drop and even harder to ignore how much money is being lost. With that in mind, here’s why cryptocurrency is down.
Why is crypto down?
The latest Bitcoin crash comes as no surprise for many investors who have seen cryptocurrency prices fall by more than 80% since their peak at the end of 2017. Cryptocurrency prices have been on a downward trend ever since reaching an all-time high on December 17th 2017. Since then, many coins have fallen by 90% or more. The total market cap has fallen from $800 billion to just $200 billion as investors continue to sell off their holdings.
