After recording a $20 billion increase in valuation, the cryptocurrency market has dropped in value, as major cryptocurrencies including bitcoin and Ethereum fell by more than 4 percent.
No Big Factors
Two days ago, many analysts within the cryptocurrency sector stated that a $20 billion overnight drop in the valuation of the cryptocurrency market was caused by FUD (fear, uncertainty, doubt) around Binance, the world’s largest cryptocurrency exchange. However, it was evident that the market did not fall due to Binance, and it was overreaching to conclude that major cryptocurrencies fell in value by more than 5 percent because Binance received a simple letter from the Japanese financial services agency (FSA), as noted by Binance CEO Changpeng Zhao.
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