The crypto market are currently all in red. It seems that there is a bloodbath. How long do you think will it take and what do you think is the reason behind it? Is it just a massive price correction or is it the end for the crypto world? Just want to know your opinion about it.
I've seen a lot of reasons thrown around and guess it's a combination of them all. Firstly as you said a simple correction. Secondly uncertainty around south korea and China's positions in the market and how they're going to regulate crypto. Thirdly the lunar new year coming up and many selling off to fund expenses. Fourthly all US transactions reportedly coming under taxation in future. It's not the end though, the recovery will come in time, crypto has survived much worse than this.
Definitely south Korean and Chinese clamped down and banning of Cryptos is causing more dumping and also a FUB by mike Bell of Jp Morgan urging all government to ban Cryptos is also affecting the prices of Cryptos presently the price of bitcoin is down to a support at $11200.