The Three Major Factors Behind The Downward Trend – Outlined

The recent news on our DC Forecasts crypto news site were quite negative for investors and the market in general. In fact, more than $65 billion was wiped out from the crypto market and no one seems to know the exact reasons why this happened. Bitcoin fell by more than 20% and the crypto market followed.

According to Chris Burniske who is a Placeholder Management partner, the US stock market retracement, sell-off of Ethereum and the Bitcoin Cash hard fork were the three major factors behind the recent wipeout.

With more than $65 billion completely deleted from the cryptocurrency market, most of the major coins such as Bitcoin, Ethereum, Ripple and Bitcoin Cash saw losses that ranged from 10 to 50 percent.

Obviously, the main catalyst of this downward trend was the Bitcoin Cash hard fork, which triggered the steep decline. However, as Burniske believes, on top of this decrease was also the sell-off of Ethereum and the US stock market retracement which even leads analysts to believe that a crisis like the one in 2008 could hit America in the years to come.

All of these factors contributed to the 21% drop in the crypto market valuation – making it the fifth worst correction in the history of the market. Even though we have seen bigger corrections than this (especially the one in January 2018), it is still one of the biggest slip-aways from what we knew as a ‘normal’ momentum for Bitcoin and other top coins.