Internet Computer (CCC:ICP-USD) is taking a beating on Thursday despite a lack of recent news concerning the crypto.
This has some crypto traders wondering why ICP crypto is falling today. The answer to that has little to do with the cryptocurrency itself and more to do with the general movement of the market.
See, loads of cryptos are seeing their values fall on Thursday. That even includes major players in the space, such as Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD), and everyone’s favorite meme crypto Dogecoin (CCC:DOGE-USD).
So the real question they should be asking is why are cryptos down? We’ve got a couple of reasons to consider that could explain the falling price of the ICP crypto, as well as other cryptocurrencies today.
The first thing worth noting is that crypto has been on a downward trend since earlier this week. That came alongside news that the U.S. Department of Justice was successful in recovering a ransom paid out in the Colonial Pipeline hack.
That matters to crypto because the ransom was paid in BTC. Crypto investors have long believed that the market was a safe space from government interference. However, the ransom recovery news has shaken their faith.
The next thing we have to discuss is consolidation. Analysts tracking crypto prices believe that this is what’s affecting the price of digital assets lately. They claim this is in response to the market seeing major highs last month. And, of course, ICP crypto is not immune to this.
ICP was down 16% over a 24-hour period as of Thursday afternoon.
We’ve also got plenty of other crypto news that traders will want to read up on.
That’s thanks to InvestorPlace’s extensive coverage of the crypto market. Recent news worth looking into includes Ripple (CCC:XRP-USD), Ethereum, as well as a crypto mining merger for Sphere 3D (NASDAQ:ANY). You can learn all about these topics at the following links!
More Thursday Crypto News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.