The crackdown of Securities Exchange Commission (SEC) on ICOs in late December and early January also scared away crypto investors. This coincided with the South Korean government additional announcement that new crypto regulations would be introduced. South Korea accounts for a big share of the total crypto market. Any announcement made here should therefore be taken seriously.
The plunging of Bitcoin in the better part of January sent panic alarms all over. A currency that was worth more than $326 billion in mid-December was worth $118 billion in the first week of February. Since February 6th, Bitcoin and Ethereum, the two competing cryptos at the top have made tremendous gains. This has been received positively by cryptocurrency enthusiasts across the world and hence the rising prices of most of the cryptos. It is worth noting though that trading charts on 13th February were showing a bearish trend for Bitcoin. The 100 daily moving averages showed that the price was down and sellers were the ones holding the stakes. This means that the price could very easily go down some more. At the time, the coin was going for $8,720 which is almost 50% up from the year-low of $6,000.