Is Crypto Dead?

Crypto is not dead but is currently on the verge of collapsing and analysts have predicted that the market dip could worsen.

In the past few weeks, the digital token market has experienced a serious decline, contrary to expert believe that the cryptocurrency market would not go down.

Intelligence data has shown that close to 40 percent of bitcoin holders have lost money on their investment, following an evaporation of more than a quarter of the global crypto market.

Top investors in major cryptocurrencies are beginning to sell their stakes at a lower price, an indication that the crypto venture has now become risky.

Prior to this time, the crypto market had recorded four major crashes since 2014, and each time the price has reached the 200-week moving average.

This time around, the moving average is close to $29,000, an indication that the price could fall further by another 25 to 30 per cent.

“Many thought that Bitcoin and other cryptocurrencies could turn out to be a hedge against inflation. Those hopes have been dashed. While most currencies have been devaluing against real-world assets, cryptocurrencies have been falling in value faster,” Spectator’s Ross Clark has said.