Bitcoin and other virtual assets have been going through continuous corrections, and experts have linked this change to the power outage in China, amongst other likely reasons. Bitcoin declined as high as 10%, and it’s currently trading around $55,000, which is far lower than it recently attained ATH.
The virtual asset space has lost around 8% of its market cap, while some coins have lost up to 20% from their recently attained growth. The cryptocurrency industry became very bullish some days ago, and this earned assets attractive new gains. The growth is short-lived as the industry faces April’s most drastic correction that has taken Bitcoin to its earlier value.
Crypto industry declines due to corrections
Statistics show that the virtual asset industry currently worth around $2 trillion, which is 8% lower than its former position. Many assets have grown over time, which has led to the growth and prosperity of the industry. The current market situation makes it hard for the coins to maintain an uptrend as most cryptos are declining.
Interestingly, Bitcoin went as low as $52,000 at some point on Sunday but went up soon after. The crypto currently worth $55,000, and this shows that it has declined by 8%. Bitcoin had maintained a high of around $61,000 early Saturday, but many factors had caused the asset’s fall.
Unfortunately, Bitcoin’s decline influenced the whole industry as many other coins saw declines, with Bitcoin Cash declining by over 20%. Ethereum sharply declined and had breached the $2,000 support by testing the $1,900 mark. The altcoin regained some of its lost value, and it is trading over the $2,000 point.
Altcoins might be the worst hit as XRP continues to see new declines due to the current market structure. Ripple’s value has declined by 20%, which is similar to BCH’s price fall. The sudden price falls have affected crypto exchanges, which paused some activities to retain normalcy in the industry.
Unconfirmed news triggered price declines
Binance is one of the crypto exchanges with delays and has announced some problems regarding place orders. Fortunately, the well-known trading platform has found a solution to that problem, and it’s currently functioning normally. Binance shared the announcement on Twitter as it explained that it understands the problems with order placement on the app.
It apologized for the delay, and sources explained that the business had solved the technical problems. The price drops have attracted some rumors on Twitter as enthusiasts try to solve the mystery behind the sudden drops.
One of the rumors was that the US charged some institutions with money laundering for their crypto use. Sources explained that this caused the declines before other factors increased its intensity. Andrew Fisher shared the unconfirmed news concerning money laundering charges on the social media platform and has caused a decline as people rush to reduce their crypto exposure. The account did not provide evidence for the claims, and some people shared the news, causing confusion and fear amongst digital asset holders.