Crypto Market Minor Correction

The cryptocurrency market has faced another minor correction on January 21st. This has caused decline in a majority of cryptocurrencies. On average, the coins have declined 10 percent in value. Ripple fell 10 percent and Bitcoin Cash fell 8.5 percent. Ethereum and Bitcoin both fell a little above 6 percent. Since Bitcoin and Ethereum have bigger trading volumes and market values, they usually decline in smaller margins compared to other digital assets. Since the last major correction earlier this month, it has been harder to go back to the all-time highs the crypto market experienced in the past. Ripple, Ethereum, Bitcoin Cash, and Bitcoin have all gone down to 50 percent from their all-time highest values. These corrections are taking longer with duration and the market has not experienced this before. The corrections take place to stabilize the market and eliminate any errors that can cause breach. In the last week, the trading volume of the crypto market has decreased from $35 to $27 billion. Upbit, a trading exchange in South Korea, has reached the number 1 spot in becoming the largest trading platform in the global market. Upbit is run by KakaoTalk and is the parent company to subsidiary Dunamu. Because of its relation to Kakao, Upbit investors are able to make monetary transactions using KakaoPay. This is the main reason why Upbit has had a high volume of users. In other news, it has been established that in the past week India is processing 1 in 10 Bitcoin transactions. More than 50 percent of Russia’s population is aware of Bitcoin. More and more countries and their economies are becoming familiar with cryptocurrencies. If India and Russia hop on board and regulate their cryptocurrency markets, the value and volumes of digital assets will rise substantially.

2 Replies to “Crypto Market Minor Correction”

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