Why Is Crypto Crashing? The Crypto Market Suddenly Took A Nose Dive. The Fall leads to all-time lows in multiple coin prices. Find Out Why?
Cryptocurrency is a collection of Binary Data that is designed to work as a Medium of Exchange. The ownership of the currency is stored in a ledger. Furthermore, The ledger is a computerized database. It is one of the most secure databases on the planet. However, It is protected using strong cryptography. Everything from the creation of coins to the transfer of ownership is closely protected. Crypto is generally considered as Fiat Currencies as they cannot be converted into a Commodity. Crypto does not exist in a physical form and is not issued by any Central Authority. Bitcoin that was released as an open-source software back in 2009 is World’s First Decentralized Cryptocurrency. Since then Several Cryptocurrencies have been created.
What Happened?
Now that you have an idea of what Cryptocurrencies are. And how they work. Keep reading to find out about the recent crash. All of the major cryptocurrencies saw a fall of about 15% on the 23rd of November 2021. The price of bitcoin fell by 17% while Ethereum and Tether saw a fall of about 15 and 18% respectively. Bitcoin prices reach an all-time low since 13th October. The current price is about 55,000 which used to be 69,000. Now read about the supposed reason for the crash. Now that you know what happened to Crypto, Read about Why Is Crypto Crashing?
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Why Is Crypto Crashing?
There are several reasons which add up to this current crash. One of them could be due to the announcement to introduce the Cryptocurrency Bill. The to be Proposed Bill will Prohibit all Private Cryptocurrencies in the World. The bill seeks to create a framework to facilitate the creation of an official Digital Currency. This Currency will be issued by the Reserve Bank of India. The bill is set to be introduced in the Winter Session which begins on the 29th of November. The coins are slowly recovering and we can hope the setback is temporary.
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