After the surge situation earlier in the week, crypto investors frowned as the crypto market today was like a red ocean, sparking speculation about the resilience of the crypto currency surge.
Bitcoin (BTC) is down 8.7%, the worst since early August while other digital assets such as Ethereum (ETH) are also declining.
This phenomenon is not unusual because according to the Head of Luno Crypto Exchange Business Development in Singapore, Vijay Ayyar, the decline was driven by the situation after the massive purchase of cryptocurrencies that led to a price correction.
Some argue that the volatility of major cryptocurrencies reflects a scenario that occurred three years ago when the bubble burst, including signs of retail investors chasing momentum for immediate gains.
At the time of writing, Malaysia saw a decline of Bitcoin by 6.6% within 24 hours to the latest price of $ 17,656 (RM72,702), Ethereum declined 12.6% to $ 511 (RM2,128) and Ripple (XRP) declined 24.2% to $ 0.50 (RM 2.11).
The possibility of a depreciation today is due to tightened cryptocurrency laws in the United States (US) in addition to the factor of profit-taking activity in previous positions.
Ayyar explained that once the short-term pullback is completed, all indicators are expected to jump to continue strengthening.
Satoshi Nakamoto's assets are also expected to return to stable and will reach all-time highs after going through the depreciation phase.
