Economy

Bitcoin is down 22% today – Ether, Cardano, and other cryptocurrencies also in red

Bitcoin prices fell on December 4 as a result of Christmas risk aversion, following the lead of global stock markets, which remained turbulent for the same reason. As Christmas Eve neared, the global cryptocurrency markets saw a dramatic decline in volume as more investors sold their holdings and switched to safer investments. Bitcoin, the most recent victim of this sell-off, has reportedly fallen to as low as $42,000. This was a $10,000 decrease from the previous day’s price. After achieving an all-time high just days before, Bitcoin plummeted to a seven-week low last month, closing around $54,000.

According to Reuters, the price of one Bitcoin unit plummeted below $42,000 on Saturday, dropping as much as 22%. However, by market capitalization, the world’s largest cryptocurrency recovered its losses and finished at $47,000. The price of bitcoin was $47,664.16 at the time of writing this article, according to CoinMarketCap. This was down 15.83 percent on the last day and 13.48 percent in the preceding seven days, according to data.

Ethereum, the second most valued cryptocurrency by market capitalization, plummeted about 15% to $3,905 on the day. The altcoin has acquired considerable traction and was trading at $3,946.76 per unit at the time of writing. This was still down 13.46% in the previous 24 hours and 5.18% in the previous week.

According to accounts, the crisis was prompted by investors’ risk-off attitude, which was sparked by the discovery of the new Omicron form of Covid-19. It could also be related to US Federal Reserve Chairman Jerome Powell’s abrupt move to the right.

“Risk assets like equities and Bitcoin are plummeting merely because Powell intimated that the Fed may end the taper a few months early and that the first 1/4 point rate hike may possibly come a little sooner,” said Peter Schiff, chief economist and global strategist at Euro Pacific Capital.

Major cryptocurrencies including Solana, Shiba Inu, Cardano, and Polygon all dropped 13 to 20% of their value during the day. In the last 24 hours, the worldwide market value has plummeted, now standing at $2.23 trillion. This indicates a 14.64 percent loss in the last 24 hours, according to CoinMarketCap data. On the other hand, the total crypto market volume has recently surged. The volume of traded currencies climbed by 76.05 percent in the last 24 hours to $199.83 billion, according to data.

GreenTrust was the lowest performer in the global crypto market, with a market cap of $0.00000002441. The coin lost 92.85% of its value throughout the course of the day. Pegaxy and YearRis were placed second and third, respectively, according to the data. Chipz, on the other hand, was the biggest gainer in the crypto pack on Saturday. In the last 24 hours, the value of one coin has climbed by 386.65%. One token was worth $0.2897, according to statistics. The next two gainers on the day, ALL BEST ICO and COXSWAP, took the top two rankings.

The Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)

GreenTrust: $0.00000002441, a drop of 92.85%.

Pegaxy is presently trading at $0.2645, a loss of 87.48 percent.

$0.0008983 – an 87.24 percent drop in a year

The value of the dollar has plummeted by 85.94 percent.

$0.000001408 for unvaccinated sperm – decreased 79.20 percent

ElonTech presently has a market capitalization of $0.000001593, down 72.01 percent.

The Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)

Chipz is now trading at $0.2897, up 386.85%.

Best of all time $0.002536 (ICO) – up 229.12 percent

COXSWAP ($0.00000009029) is up 153.37 percent.

Increase of 117.64 percent in the Euro Shiba Inu: $0.00000000003453

DAV Coin is currently worth $0.003935, a 110.49 percent increase.

En-Tan-Mo is now worth $0.05127, an increase of 90.16 percent.

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