Why did the encryption market decrease today? $ 1.4B ETH Horrent cause?

Given the current market morale and continuous filters, the encryption market appears to be broken today. However, this market collapse comes after several positive developments in recent days. It seems that the low prices through the encryption scene turns into the total feelings towards the landmark, which leads to half a billion dollars of encryption within the past 24 hours.

544 million dollars deserves to be filtered

Data from the series Analysis Company, Coinglass Reports that during the recession in the market, more than $ 544 million of open positions were eliminated. These large references may have created fear between merchants and investors, prompting the market towards a declining direction.

The reason for the decrease in the encryption market

The possible reasons behind this stagnation in the market and millions of encryption include the penetration of the largest encryption exchange in the world, PipeRecently lost $ 1.4 billion from ETHEREUM (ETH), and continuous economic tensions between the United States and countries like China, Canada and others.

Besides, there is another major factor that affects the morale of the declining market and the decrease is the sharp decrease in the Bitcoin price (BTC) due to heavy pressure flows for sale and exchange (ETF) from asset managers.

Tara McColai, former co -founder of Alaeda Research and its CEO of Pharos, appears to be concerned about an additional decrease, and has hinted that the market may witness a similar decrease in 2020.

With this landmark on the market, the main assets such as Bitcoin (BTC), ETHEREUM (ETH) and XRP have witnessed a decrease in prices by more than 0.45 %, 1.5 %, and 3.50 %, respectively, in the past 24 hours. In addition, this declining price procedure more affects the morale of the comprehensive market, which contributes to the decline in the market.