Today the crypto market is in the red, and most coins are down by over 10%. However, this could actually be a great opportunity to get in, on some awesome projects like Vechain (VEN), Tron (TRX) and EOS.
These three are pretty beat up today, with EOS losing over 17% of its value in intra-day trading. Tron and Vechain are not faring any better either. However, you need to understand that the factors that have caused them to drop have nothing to do with their fundamentals.
One of the reason’s that has caused today’s drop in the market is the announcement that Korea’s largest exchange is under investigation. This announcement has sent jitters across the market, and investors are fearful of the repercussions. Once this information completely filters into the market, the Bull Run will return, and these three cryptos with their upcoming main net launch news will be headed to the moon.
The market is also being pushed down by fears that the MtGox trustee is unloading bitcoins into the market, hence pushing down the price. There has been speculation for some time now that whenever this entity unloads bitcoins into the market, the price of bitcoin collapse, and as a consequence the altcoin market too.
Another factor that is driving down crypto prices is the fear that increased cases of crypto hacks and unethical behavior by exchanges could lead to excessive regulations in the future. For instance, South Korea is looking to create a friendlier environment for crypto. At such a critical moment, negative news about exchange behavior could make them reverse this decision.
From the above, one thing is clear, all these are factors pushing down the market have nothing to do with the fundamentals of Vechain, EOS or Tron. Once current investor fears causing the drop are factored into the market, the price will naturally start going back up. From the charts, we can see that bitcoin has stabilized at around $8500, indicating that all ...