What triggered the current cryptocurrency market correction

Why did the crypto market crash today?

Bitcoin and other leading crypto coins experienced a significant drop in share price after investors began dumping mining equipment as China announced fresh regulations.

What causes a correction in cryptocurrency?

What Is a Correction? There is no strict definition of a correction, but it is commonly used to describe a rapid decrease of at least 10% in the price of an asset from a recently achieved peak. It is called a correction because it usually returns the price from an abnormal surge to its long-term established trend.

What is causing the crypto crash?

Some of the drops have been caused by a combination of factors, Noble theorizes, from excitement about low-quality coins, to negative remarks from Elon Musk, to China’s recent crackdown on crypto services. This mix of factors has potential to make sell-offs “all the more violent,” says Noble.

Why is Bitcoin dropping today?

Rumors of a forthcoming U.S. government strategy to regulate digital assets may have triggered the current sell-off. Gradual belt-tightening by the U.S. Federal Reserve may also be contributing to Bitcoin’s price drop. The price of Bitcoin is likely to be increasingly correlated with the prices of other assets.

How is XRP doing today?

The price of XRP has risen by 2.79% in the past 7 days. The price declined by 1.93% in the last 24 hours. In just the past hour, the price grew by 0.01%. The current price is $0.80276 per XRP.

Is Bitcoin rising in 2021?

2021 to Present

Bitcoin doubled its value in 2021, but in January 2022 saw a big drop that erased almost all of the previous year’s gains. We saw Bitcoin skyrocket to an all-time high over $64,000 in the first half of 2021, then just as quickly fall back below $30,000 over the summer.

Will Bitcoin go back up 2022?

FSInsight, in a note to investors, said Bitcoin could hit $200,000 in the second half of 2022. That’s a 462% increase from the crypto’s price as of Monday morning.