This has not been the first time that Bicoin’s price has plummeted down the earth as there have been subsequent crashes in the past, such as the crash of 2017. But this time around other cryptocurrencies such as Ethereum and Dogecoin has also received some heavy blow too. In general, the crypto market is known as the most volatile market there is, and it definitely leaves the forex and the stock market behind. When the chain of events that has led to this recent crash started, the investors and traders were the first to pin the blame on China’s narrative, which entails that China is behind all this.
Bitcoin’s Price and Market Crash will Slip Right Away in Time
No doubt China did play a role in all of this, and the current crackdown against the miners in the region is assertive of that, but what Elon Musk did with his tweets becoming the ultimate master blaster of the crypto market, lowering and surging the prices with his tweets. This is something that no one out there seems to be talking about. In 2017, the same narrative was established, leading all the blame for the crash onto China. Market analysts have been examining all of the data and the circumstances for some time now, and these signs have been present all along. Given that the balances on the crypto exchanges continued to rise, the rise in nervousness was significant.
According to a market analyst named Ryan Allis, whales did start to move large chunks of Ethereum and Bitcoin into the exchanges so these can be sold on May 20th. Ethereum dropped from $3.4k to almost $3k within six hours. If you are wondering what to expect from all of this as the price plummets further into the ground, you should brace yourself for the impact as the market is currently into a frenzy, and there is no possible timeline following which all of it could go back to the normal. This is a bearish realm that we reside in currently, but there have been crashes of the same significance in the future, and the market has managed to recover from all of it, and maybe it will be the same this time around too.