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Crypto Market Keeps Holders on Their Toes With a Drastic Plunge- What Next?

Written by Customer Service on . Posted in Public Companies.

Traditional Crypto Assets turned down below Support Levels
The bulls appeared to have outperformed the bears as the price of most of the assets slashes drastically.
The Defi space also follows the same suit with the most popular tokens plunges recording a two-digit loss.
Bitcoin which had a bull rally after announcements by the institutions, now following the downtrend from the past couple of days. At present with a nearly 2 percent loss, BTC price stands at $13,403.25 at the press time. Ethereum on the other hand has plunged nearly 6.44 percent and ETH price is $374.15.The Defi space at least is filled with blood-bath with the majority of tokens plunge in binary figures. The tokens like YFI, UNI, MKR, LINK, SNX, plunge with 11.58%, 9.18%, 6.65%, 10.04%, 10.24% respectively.

These plunges are pretty huge which has not occurred in the recent past in 2020, but the stable coins like Tether, Binance USD, True USD are out of this list with an uptrend. However, one of the major reasons may be the US Presidential Elections.

What’s Awaited Next?
Some of the investors seemed to have ‘panic sold’ their cryptos fearing the uncertainty of the regulations in the coming days. The US presidential elections need to be successfully completed to witness a positive change with the crypto space.

However, most analysts disagree with the fact the result of the election does have an impact on the crypto space. But yes, quite often the crypto market itself has shown the correlation with the elections.

Therefore, it is better to sit back and relax HODLing your assets for some more time, so that the election phase ease out.

What do you think, will the crypto market regain the losses with the announcement of the US Presidential Elections?

Put up your views in the comment section!
Awaiting your Responses !
For more information, visit: https://coinpedia.org/news/crypto-market-keeps-holders-on-their-toes/

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