Is Theta (THETA) About to Turn Around after Nearly 13% Drop?
Cryptocurrency Theta has fallen 12.65% so far today, bringing it to $6.30 (THETA/USD) in an unexpected turn of events. We expected Theta to start moving toward $7.00 level a few days ago, when it was $6.37. It briefly surged, going as high as $7.55 yesterday before dropping off a cliff this morning.
Why the Drop-off?
China issued a complete ban on cryptocurrencies, cracking down on what was left of crypto within the country. This follows months of regulations and bans from China on Bitcoin mining and cryptocurrency transactions, all of which have had an impact on the crypto market.
This morning’s crackdown has drastically affected crypto prices, bringing Bitcoin down 7.55%, Ethereum 10.74%, and Binance Coin 9.93%. The entire market is being affected by these new efforts from the Chinese government, and this is occurring not long after tweets from Tesla founder Elon Musk caused several small market crashes. Musk’s tweets have revealed his company’s plans to stop accepting Bitcoin as payment due to the huge energy requirements for producing new Bitcoin.
Over the past few months, these two factors have been working to bring the market down, making it difficult for bullish crypto runs to last. Despite all of that, Bitcoin still managed a new all-time high just a few weeks ago.
Theta and other cryptos are suffering this morning, though, experiencing a drop very similar to what we saw on November 10th. It should be noted that from that drop-off in early November, Theta went into an overall bearish trend that it has yet to fully bounce back from. At that time, Theta was sitting at $8.19 and fell to $7.00. It has had a tough time getting past the $7.00 level since then. Just when it looked like Theta was going to recover yesterday, and it even briefly hit $7.50, Theta fell off again today, dashing hopes of a steadily rising price and a bullish run.
Now, Theta has a long way to go to even get back to $7, much less testing that $7.50 level. We expect some recovery over the next day or two, but it may be a while before we see $7.50 again.
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