Out of many options available, Ethereum is holding the second position in cryptocurrency. But in terms of market capitalization, it is said that the bigger they come, the harder they fall. Ethereum market capitalization has leaped below $100 billion to $94 billion and on the previous day it faced 15.71% fall.
Like Ethereum, the other cryptocurrencies also had a setback as Bitcoin fell about 24%, Ripple fell by 33%, Bitcoin Cash fell by 31% and Cardano declined 44% in last week. Ethereum was considered a safe shelter as it was being used as a main instrument for initial coin offerings, but over the past 24 hours it has faced a severe attack. The below mentioned events has played a major to cause this decline over the past few months.
A ban on cryptocurrency trading declared by both the Chinese and the South Korean government had severely injured the cryptocurrency market. Secondly, about 260k customers are inconsistent after a viral report stating that US$534 million worth of NEM Coin has been stolen from a Japanese cryptocurrency exchange and made them think twice before entering into such trading.
Also, to save people from such cryptocurrency scams, Facebook has banned all initial coin offering (ICO) advertising. Arun Jaitley, the finance minister of India announced to all the officials in New Delhi, that he will take the necessary steps to remove the use of such cryptocurrency in financing illegal activities or as part of the payment system.
Each of this bad news has negatively affected the whole market and this chain of bad news is making the prices fall down further and further. Considering the present situation, we can say that in the long run, it is very hard for cryptocurrencies to regain its previous position without any kind of revenue or cash flow.
