Monero Price starts the Selloff, BitcoinCash and Cardano struggle
Monero Price (XMR) tumbled at a double-digit rate today and is likely to continue to fall somewhat , extending its declining trend for a third day straight after hitting a two-month high earlier in the week.
The broader selloff in cryptocurrencies impacted XMR price; the fresh wave of downside volatility in digital currencies was pinged by regulators and the surprise drop in trading volume.
Before the latest crypto market crash, Monero price gained substantial momentum in the last couple of weeks.
it even climbed to the 10th spot in its market capitalization.
n the middle of this month( if launched on time) a spin off or fork of the monero coin called MoneroV will be launched , people that have monero coins can get 10 moneroV coins for every monero coin. this is always good for the market and Monero went on a small rise. this is now behind us and the prices settled before this announcement was made returning more to its original value.
But for traders and brokers these were a few interesting days where people that saw the market the correct way made good profits
Still Trader’s sentiments overall turned bearish
the main reasons for this are:
crypto exchanges registration with SEC
The U.S. SEC has informed all the domestic cryptocurrency exchanges to get the registration certificate or wait for a crackdown on them.
a crackdown on Japanese exchanges
Japanese authorities are now closely watching digital currencies to protect crypto traders from adverse events, such as Coincheck hack – which resulted in the loss of $500 million worth of coins.
declining trading volume
Lower trading volume is a major factor behind the broader selloff in digital currencies, while the decline of 80% in Google searches indicates the waning popularity of cryptocurrencies.
harsh comments from European regulators.
Regulators started taking actions against cryptocurrencies exchanges to evade illegal activities and price manipulation techniques.
this affects the markets as the hype has settled down.
this affects other currencies in a similar manner as Cardano (ADA), which is the eighth largest cryptocurrency based on market capitalization, plunged more than 6% today to the lowest level since mid-December.
And Bitcoin Cash (BCH) traded in the range of $1200 in the last of couple week before falling to $1000 level today.
it could be assumed that this will continue to go down till another hype cathes the markets. cryptocurrencies have become already something that is less sexy and more mainstream ,this is good for its development but for those that only invest not so much.
still as a trader you see a volatile market where enough fluctuations happen mostly based on news to make some good trades. good luck