Why is it that the value of all cryptos is decreasing at the same time? What or who is the perpetrator?

 

Whales, to be precise. OG miners, also known as big money, use algorithms to dominate the market. This is why I cringe if anyone suggests that a group like this might influence pricing. You're just a peon in the game unless you're in the loop. Don't allow yourself to become addicted.

Leo I'm not sure what algorithm he's going to use. It could be used by someone as bright as him. The only dirty trick he could use would be a 51 percent assault, which would require him to own 51 percent of all bitcoins. Or 51% of all mining capacity.

Oggy I'm not sure who he is, but the majority of the price action you see is bot motivated by big money. Only after the bigger moves does retail shopping pick up. The price reduction is due to retail being dumped on. I'm willing to bet that 95% of the participants in these groups have no idea how markets operate. They have no idea what stop losses are. And will continue to hold even if the price falls to $20,000 since it is the only storey that is endlessly replicated.

According to cryptorian, the drop in the world's most famous digital coin came after reports attributed the drop to rumours that the US Treasury could take action against money laundering using digital assets.

The US Treasury did not respond to a request for comment from USA TODAY right away.

Separately, Reuters reported that a blackout in China's Xinjiang region, which is said to power a lot of Bitcoin mining, was to blame for the sell-off, citing data website Cryptorian.

Late Saturday, the price of a bitcoin fell to $52,810.06 after losing more than $7,000 in a single hour, before recovering. Though it was only three weeks ago, on March 26, that it reached that mark. It was last worth $56,044.49 at the time of writing.

Bitcoin has lost 14% of its value since reaching a high of $64,895.22 on Wednesday. Over the weekend, it lost nearly 20% of its value from its all-time peak.

Despite the decreases, Bitcoin has an estimated surge of over $1 trillion over a past 12 months after almost 700 percent..

During the weekend there were also other cryptocurrencies. Ether, the market's second largest digital currency, dropped 7%.

As Coinbase made a public debut on the nasdaq last week, bitcoin prices reached $64,000.

The sharp rise in the value of bitcoins recently has led to worries of a potential bubble in the cryptocurrency market, some analysts warn, with bitcoin more than doubling since the start of 2021. About 74% of those surveyed in Bank of America's latest global fund managers report said the world’s most popular digital coin is a bubble.

Bitcoin has been highly volatile. In late 2017, the digital token rose to nearly $20,000, before crashing to almost $3,000 the following year. 

Doggecoin, the spoof-created cryptocurrency, has reached a Friday high. During the weekend more than 400 percent had risen and more than 5,000 percent since the start of the year had risen in recent weeks, further raising fears about a crypto-monetary bubble.

In mid-rally Dogecoin's last week, Robinhood briefly suffered a "massive breakdown," angering several retail investors.

On Saturday, after a record low of 44 cent on Friday, dogecoin fell by the weekend to a low of 24 cents. He recovered some of his losses, however, and trades about 31 cents currently.

In the last few days, bitcoin was already under pressure. On Friday, it decreased more than 4 percent after the Central Bank in Turkey barred cryptocurrencies from end-April, stating that "major threats" arose from crypto payments. India is reportedly also prepared to propose a law prohibiting cryptocurrencies, punishing everyone who trades or holds digital assets.

                        Cryptorian

                     Salman Ahmed