How Long Will the Latest Crypto Dip Last?

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The cryptocurrency market has incurred huge losses recently, with as much as an $ 8,250 drop in the price of Bitcoin (BTC). Other major currencies which have also shown a decrease in their value by as much, or in some instances more,  than 20 percent. The million dollar question is how long will the latest crypto dip last?

UPbit and Mt. Gox

A sudden inquiry and raid by Korean Financial Intelligence Unit (KU) and Financial Services Commission (FSC) at South Korea's biggest cryptocurrency exchange, UPbit compelled the investors in the exchange selloff their currencies due to fear of a drop in the value of cryptocurrencies. The unexpected sale of more than 8000 Bitcoin (BTC) from Mt. Gox trustee and the raid at UPbit made the cryptocurrency market decline rapidly from $400 to $370.

Although at the beginning of last week, the market saw profit with rising value of tokens such as Ziliqa, Ox, Bitcoin (BTC) and Ethereum (ETH), the market saw an abrupt fall of around $100 billion in the last few days. But investors analysts are still quite hopeful about the future of cryptocurrencies. Brian Kelly, CNBC Fast Money's analyst, was quite surprised to see the disinterest of investors to try to increase the value of cryptocurrencies after the New York Stock Exchange (NYSE) entered into the market.

Out of all this, one piece of good news seems the fact the investors will receive a physical supply of Bitcoin (BTC). But even though it is a good news for the institutional holders who have now a custody solution, it is not for others as it is hard to hold on to them.

Ray of Hope

The investors are looking forward to the Blockchain Week starting in a few days as they are quite hopeful about the hike in the cryptocurrency market with the entry of Goldman Sachs (NYSE:GS) and NYSE into the market.

The Future

The last week have seen both positive and negative scenario in the cryptocurrency market. But there are immense chances that the market will recover its losses rapidly thanks to the beginning of the Blockchain Week and other events, which investors are highly anticipating. This week could be highly crucial and eventful in the future of cryptocurrency market.

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Disclosure:

I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive content

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