The largest cryptocurrency Bitcoin is currently down by 4.5% over the past 24 hours and has been trading around $45,463. Bitcoin touched its all-time high mark of $64,000 in April. Other popular coins like Dogecoin, XRP, and Cardano also dropped in value along with the world’s most famous coin.
As we all know the nature of the crypto market is very volatile where you can see large swings or a sudden fall with no notice, thus people find it very risky to invest in this space. An upward trend can work wonders for you if you have invested in the right coin and a downswing can leave you with less amount of money than you invested.
Ether is at $3,120 with a change of -9.36% over the last 24 hours
Cardano is at $2.1 with a change of -10% over the last 24 hours
Binance Coin is at $384 with a change of -6.7% over the last 24 hours
XRP is at 0.9602 with a change of -11% over the last 24 hours
Solana is at 140 with a change of -13% over the last 24 hours
As always, regular volatility is probably the main factor behind a cryptocurrency selloff when traders are making a profit. However, there are some basic concerns that are likely to worry investors as well.
Along with Government’s attempt to regulate the 2 trillion dollar market like the SEC is attempting most notably with XRP and Coinbase and other big cryptos which has certain investors worried that it could throw the market off or destroy it, mostly because of cryptos dark dwellings with criminal organizations using crypto to launder money. They believe that once regulated a big drop in crypto will happen once criminals realize that governments have authority towards the crypto market.
The biggest worry is the hackers who have stolen hundreds of millions of dollars in cryptocurrencies in the past few weeks. A $ 600 million hack into the Poly Network hit the sector a awhile ago, but the funds have been returned.
This is a tiny $ 97 million jump last week that investors may only have heard of. The attackers have reportedly already “cleared” $ 20 million in non-recoverable cryptocurrencies, and perhaps most of the stolen cryptocurrencies have disappeared. If the risk of a hack continues to increase, it could be disastrous for cryptocurrencies in the long run.