New Delhi: The largest cryptocurrency Bitcoin is currently down by 0.90% over the past 24 hours and has been trading around $51,316. BTC touched its all-time high of $64,000in April. Ethereum also dropped in value along with other popular coins like Dogecoin, XRP, and Cardano.
As we all know the crypto market is very volatile which means that you can see large swings with no notice, thus people find it very risky as you can witness a sudden fall.
An upswing can work wonders in your favor but a downward trend can leave you with less money than you put in. You might also be not able to access your investment portfolio if it goes down.
Which coins prices are down?
BTC is down by 0.90% and is trading at $51,316 where the 2nd largest coin Ethereum is also down by 6% and is trading $3,720. Altcoins like DOGE and SHIB were also down.
DOGE is down by 7%, on the other hand, SHIB is down by 7.20%.
When will it recover? Read here
Why the crypto market is down?
The Crypto market has already suffered series of blows apart from its regular volatility and it is difficult to mark a common problem that can state that why markets are down today.
As per Forbes, JP Morgan analysts warned that the markets may be down due to a correction following “retail investor mania”. Last month hackers stole around $600 million in a crypto heist and it can after a series of crackdowns that affect the whole world