Before going ahead, I want to make it clear that this article is about only the cryptocurrency crash of the month June 2018.
So, As you know that Crypto Market has started crashing since 18 June 2018. Many crypto holders and traders are very upset right now. So, what was the reason behind the crash? Let's find it, after researching one full day I found two reasons that may crash the market those are:-
- South Korea crypto exchange Bithumb hacked.
- India central bank RBI order banks not deal with Individuals and companies which deals with Virtual currency.
Reason 1 - On, 6 April 2018 RBI (Central Bank Of India) issue a circular to all the banks of India to not deal and provide service to anyone who deals with virtual currency. But they gave 3- months to banks to clear all of their work with them. So, the 3 Month deadline is near due to this Indian cryptocurrency market is under huge pressure and the peoples are selling their coins to withdraw the India Rupees to their banks.
Reason 2 - On 19 June 2018 Bithumb hacked and lost 30 million USD. This created FUD in the market and speed Up the crash to more.
Please keep in mind that these are only my personal assumption, actual reason may be different.
I hope this ends soon.
✅ @cryptoking22, I gave you an upvote on your post! Please give me a follow and I will give you a follow in return and possible future votes!
Thank you in advance!