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major cryptocurrencies sank in price after Bitcoin’s record

DATE OF PUBLICATION: 2021-02-22 16: 40: 37Over the past day, the cryptocurrency market has been actively growing in value against the background of a Bitcoin record. As a result, as of February 22, the total cryptocurrency market capitalization reached $ 1.69 trillion. However, the negative agenda and the sharp decline in Bitcoin triggered a drop in prices for major digital assets. The main cryptocurrency reached a record price of $ 58 thousand, but today, on February 22, it dropped sharply to $ 53.4 thousand and continues to fall. Other digital assets also show deplorable performance. There are several reasons for the apparent market downturn: firstly, several days ago, Elon Musk spoke out quite categorically about cryptocurrency as not the most reliable way to invest money. It is worth noting that the word of a billionaire is not yet powerful enough to crash the quotes of the entire market. The second reason is more logical and related only to Bitcoin. Financial giant JPMorgan published a report according to which the value of the main cryptocurrency could plummet. This is possible if investors turn away from the Tether stablecoin. The company has not yet conducted an independent audit, which heightens concerns about the company’s financial reserve. All this can destabilize the situation on cryptocurrency exchanges and cause panic, which will lead to an uncontrolled fall in the price of bitcoin. In addition to bitcoin, Ethereum is also showing a significant decline. After an all-time high of $ 2,000, the coin held at $ 1,900 but then steadily dropped to $ 1,760. And no prerequisites for further growth have yet been observed. Litecoin was confidently holding at $ 240, but soon the coin slipped to $ 204. Despite the downturn, this altcoin is showing certain prerequisites for rapid growth and has previously demonstrated freedom from market fluctuations. Ironically, the XRP token is the only coin that showed an increase on February 22. This comes amid news that Ripple is partnering with central banks to develop new digital assets. However, the situation with the token is unstable: in the morning the coin held positions at $ 0.640, but then fell sharply to $ 0.580. After a slight increase, XRP fell back to $ 0.565. Despite the general market downturn, the main cryptocurrencies will remain in safe positions and resume growth. Given the supply and demand in the market, the growth of quotations on the exchanges will last until the end of February, after which, most likely, a wave of correction will overwhelm the main altcoins. In connection with the report by JPMorgan, it is not entirely clear what will happen to bitcoin. Everything will rest on two main factors: the behavior of investors and the official position of Tether. Material provided by InstaForex – Source – InstaForex

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