Cryptocurrencies have been sliding. Bitcoin (BTC), Ether (ETH) and Litecoin (LTC) have all seen some pretty dramatic declines throughout the past month. However, the one cryptocurrency that’s being hit the hardest is Ripple (XRP). Today, we’ll talk about why cryptocurrencies are taking a dive, why XRP is the hardest hit, and what you should be watching for ahead.
Why Cryptocurrencies Are Taking A Dive
As mentioned above, over the past month, cryptocurrencies across the board have been taking a dive. So, what’s the deal? Why are cryptocurrencies falling? Well, the answer is actually quite simple. It all has to do with regulation.
Over the past month, we’ve seen a slew of news releases surrounding potential cryptocurrency regulation in one region or another. Ultimately, traders are keeping a close eye on South Korea, China, and India. In fact, just last week, India’s Finance Minister announced that the Indian government plans on using all tools at their disposal to stop the use of cryptocurrencies and other crypto-assets within the country. On top of that, just this morning, news broke of a potential cryptocurrency ban to take place in China, While South Korea has said that they don’t plan on banning cryptocurrencies, the government in the region is looking for ways to regulate it.