The cryptocurrency market witlessness a rapid drop within the past 24hours with many coins falling by above 10%. The drop is so sudden that it can make one wonder what is going on. What can we say is responsible for this massive movement?
Nothing, that is the good and the bad part of crypto market in general. Back in the day when there was not so much money to be made by bitcoin from trading (because the marketcap was too little so if you put up like hundreds of million dollars into it than you would probably get the market either cripple or swing like hell and you wouldn't profit) and because there wasn't a way that people couldn't play with the market we were fine, we wanted to be unregulated and we wanted to have no government at all, a true "peoples money" so to say.
However, lately because of the whales getting their money into bitcoin and bitcoin becoming really high compared to what it was and the marketcap allowing millions of dollars to change hands everyday this caused an unregulated crypto market to be really manipulated and speculative which resulted with less trust and loss of interest. I am still behind it but it may come with a price.