Cryptocurrencies have accelerated the bearish trend. Even though there were expectations that the cryptocoins will start growing, the market acted differently.
Bitcoin is now traded below 8,000 USD per coin, Ethereum costs now less than 500 USD. Total market capitalization has dropped below 303 bln USD. All main currencies listed in the main exchanges are in red.
The current drop has shocked all investors, as just within 24 hours, the bitcoin price drummed for more than 7%. Over the last month, the bitcoin value decreased for about 22%. Ethereum has shown even more significant drop, for about 9% of its value. Over the last month, Ethereum dropped for more than 30%.
The situation looks even worse with other major currencies, like Cardano and NEO, which have dropped in value for more than 12%, EOS, which has lost about 16% of its value. However, the recent drop in cryptocurrency market isn’t the only concern for the investors from the USA. The Internal Revenue Service of the country announced cryptocurrency as property and has imposed taxation on cryptocurrency.