Bitcoin prices plummeted on Saturday, December 4 amid Christmas risk-aversion, following the lead of global stock markets, which remained volatile for the same reason. As Christmas Day approached, the global cryptocurrency markets saw a sharp drop in their numbers as more investors sold their stocks and settled for safer investment options. According to reports, Bitcoin, the most recent victim of this sell-off, has dropped to as low as $42,000. When compared to the previous day’s price, this was a $10,000 drop. This came after Bitcoin dropped to a seven-week low last month, closing at $54,000, after hitting an all-time high just days before.
According to Reuters, one unit of Bitcoin fell below $42,000 at its lowest point on Saturday, losing as much as 22%. However, the world’s largest cryptocurrency by market capitalization recovered its losses and settled at $47,000. According to CoinMarketCap, the price of bitcoin was $47,664.16 at the time of writing this article. According to data, this was down 15.83 percent in the last day and 13.48 percent in the previous seven days.
Ethereum, the second most valuable cryptocurrency by market capitalization, fell to $3,905 on the day, a loss of nearly 15%. At the time of writing, the altcoin had gained some traction and was trading at $3,946.76 per unit. This was still down 13.46 percent in the previous 24 hours and 5.18 percent in the previous seven days.
According to reports, the crash was caused by a risk-off sentiment among investors, which was sparked by the discovery of the new Omicron variant of Covid-19. It could also be attributed to US Federal Reserve Chairman Jerome Powell’s sudden shift toward hawkishness.
“Risk assets like stocks and Bitcoin are tanking simply because Powell hinted that the Fed may wrap up the taper a couple of months early and that the first 1/4 point rate hike may also come a bit sooner,” said Peter Schiff, chief economist and global strategist at Euro Pacific Capital.
During the day, major cryptocurrencies such as Solana, Shiba Inu, Cardano, and Polygon all lost 13 to 20% of their value. The global market capitalization has also dropped sharply in the last 24 hours, now standing at $2.23 trillion. According to CoinMarketCap data, this represents a 14.64 percent drop in the last 24 hours. The total crypto market volume, on the other hand, has recently increased. According to data, the volume of traded coins increased by 76.05 percent in the last 24 hours to $199.83 billion.
GreenTrust, with a market cap of $0.00000002441, was the worst performer in the global crypto market. Over the course of the day, the coin lost 92.85% of its value. According to the data, Pegaxy and YearRis were ranked second and third, respectively. Chipz, on the other hand, was the crypto pack’s top gainer on Saturday. The value of one coin has increased by 386.65% in the last 24 hours. According to data, one token was worth $0.2897. ALL BEST ICO and COXSWAP were the next two gainers on the day, taking the top two spots.
The Last 24 Hours’ Top 6 Cryptocurrency Losers (According to Data from CoinMarketCap)
GreenTrust: $0.00000002441 – a 92.85% decrease
Pegaxy is now $0.2645, down 87.48%.
$0.0008983 – a decrease of 87.24 percent in a year
The dollar has lost 85.94 percent of its value.
Unvaccinated Sperm: $0.000001408 – down 79.20%
ElonTech is now worth $0.000001593, down 72.01 percent.
Last 24 Hours’ Top 6 Cryptocurrency Gainers (According to Data from CoinMarketCap)
Chipz is now $0.2897, up 386.85%.
All-time best ICO: $0.002536 – up 229.12%
$0.00000009029 COXSWAP – up 153.37 percent
117.64 percent increase in the Euro Shiba Inu: $0.00000000003453
DAV Coin is now worth $0.003935, an increase of 110.49 percent.
En-Tan-Mo is now $0.05127, up 90.16 percent.
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