Geopolitics in the cryptocurrency market: Dogecoin, Bitcoin, Ethereum prices fall

On Wednesday, those who invest in cryptocurrency are proving to be no less than Black Friday (Crypto Black Friday). The crypto market, which has been witnessing a decline for the last two days, has seen a tremendous drop this evening and many big and popular crypto coins including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Shiba Inu (SHIB) have been on the strength. have fallen. Cryptocurrency investors had high hopes for Dogecoin to grow, but the Dogecoin price in India was seen around Rs 28 by the time the news was written. Not only this, the bitcoin price in India was about Rs 23 lakhs till the time of writing the news and Ethereum Price in India was around Rs 1.42 lakhs. There are several reasons behind the cryptocurrency market crash.

On Tuesday, there were reports from China that the Chinese government has banned China Banned Cryptocurrency Payments from providing services related to cryptocurrency transactions to financial institutions and payment companies and has also warned investors against crypto trading. . In such a situation, institutions like Chinese banks and online payment channels can no longer provide customers with services such as registration, trading, settlement and clearing in cryptocurrencies. This can also be a major reason for the crashed market today.

Apart from this, recently Elon Musk, the second richest man in the world, also caused a lot of confusion in the market through his tweet. Musk first announced by tweeting that his electric car manufacturer Tesla would take Bitcoin as payment, and in less than a week he took a U-turn with the decision, tweeting that the company would no longer be Bitcoin due to environmental impact Will take. He then talked with the Dogecoin manufacturer to make energy architecture better and efficient, which led to investors’ interest in DodgeCoin. Similarly, investors’ dilemma increased with Allen’s tweet one after the other and this could be one of the reasons why such a market has crashed somewhere today.

Investors expressed their frustration and anger on Twitter and some people shared the meme too fiercely. In the evening in the Indian time it is morning in the US and this was the time when there was a sudden earthquake in the cryptocurrency market which has been witnessing a slow decline for two days.

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