Cryptocurrencies sell-off: causes massive price drops

It’s a low day in the market. All the top 20 cryptocurrencies suffered massive drops in prices in the last seven days according to data from CoinMarketCap.

Although the prices rose moderately in the last 24 hours for most of the cryptocurrencies. However weekly trends reveal massive drops, except for two NEO and EOS. NEO, for instance, defied sell off assumptions and rose by as much as 22 percent in the last seven days.

Also Read: Will NEO be resilient amidst market crash?

Bitcoin Cash suffered the second worst drop of 29.70% after RaiBlocks which led to a decline of 35.33 percent in the last seven days.

Bitcoin, whose price has dropped this January massively since it broke the $20,000 mark last year December. Therefore declined by more than 17 percent in the previous seven days. Many others in the top 20 lists including Litecoin, NEM, Dash, and TRON lost by as much as more than 20 percent. Meanwhile, Ripple lost by 19 percent and Ethereum dropped by nearly 17 percent.

Although it could be regarded a low day in the market, part of the reasons there was massive drops in the last seven days. However, in two weeks ago was due to fears and speculation on regulators’ move in markets such as South Korea.

For instance, market shook after South Korea Justice Minister Park Sang-Ki said there were plans to introduce a bill that bans cryptocurrencies in the country. Although the government said this was not consulting statement. Thus, the government was instead planning to regulate the use of cryptocurrencies. It encourages South Korea is a second most significant crypto market in the world.

Some Koreans are demanding the removal of minister for market manipulations.


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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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