Cryptocurrency has seen a dramatic increase during the epidemic and the value of all Crypto currencies such as Bitcoin and ethereum has increased by millions.
For now, though, the situation is quite different from what it was just a few months ago. According to reports Crypto miners are preparing for a sudden decline in the value of their portfolios.
The market capitalization of cryptocurrensets has already cost an estimated $ 250 billion in less than 24 hours.
The downturn in the market is said to have been caused by the Evergrande turmoil, which has sparked concerns about possible debt repayment in China, as well as future investigations from the United States.
Evergrande is a Chinese real estate agent, with more than $ 305 million in debt.
In other reports, Binance referred to U.S. regulators They are preparing to investigate a crypto trading giant for money laundering and other illegal activities.
The king of Crypto currencies, Bitcoin itself as it has dropped by 11% in less than 24 hours, while Ethereum is the worst, falling by about 13% over the same period.
The altcoin market hit a shocking turn of events, with Algorand, out of a 115% month-long meeting, losing about 22%.
The decline in crypto currency prices has also affected several businesses that have adopted Cryptocurrencies as a legitimate trading option.
El Salvador, which recently announced the adoption of Bitcoin as an official tender, has taken the market downturn as an opportunity to add to its Bitcoin securities, when the country announces the acquisition of 150 bitcoins, valued at $ 6.5 million.
Cryptocurrency is one of the most volatile currencies on the market and will never be stable. Those who plan to invest in a currency should keep in mind that the current market value of Crypto coins is declining faster than a man jumping a plane.
