Cryptocurrency: Bitcoin fell $10,000 to $42,000 on Saturday, while ether tracked a 15 percent loss, peaking at $3,900. Global crypto market is down nearly 15 percent
Cryptocurrency Update: Amid a Christmas risk-off taking from global stock markets, bitcoin price fell heavily on Saturday, December 4, remaining volatile for the same reason. Global cryptocurrency markets posted a sharp drop in their numbers as Christmas Day drew closer, with more investors selling off shares for safer investment options. According to the report, Bitcoin is the latest victim of this sell-off, falling to $42,000. It was as low as $10,000 compared to its price the day before. This comes as bitcoin hit a seven-week low last month to close at $54,000, touching an all-time high the day before.
At its all-time low on Saturday, a unit of bitcoin was below the $42,000 mark, down 22 percent, according to a Reuters report. However, thereafter, the world's largest cryptocurrency by market cap cut its losses and settled at the $47,000 mark. According to data from CoinMarketCap, the price of bitcoin at the time of writing this article was $47,664.16. According to the data, in the last seven days it was 15.83 percent lower than the previous day and 13.48 percent in the last seven days.
Ethereum, the second-largest cryptocurrency by market capitalization, also fell to $3,905 on the day, down nearly 15 percent. At the time of writing this article, the altcoin has gained some momentum to reach $3,946.76 per unit. It was still down 13.46 per cent in the last 24 hours and 5.18 per cent in the last seven days.
As per reports, the crash is a result of risk-off sentiment among investors that was triggered by the detection of the new Omron variant of COVID-19. For this the sudden inclination of US Federal Reserve Chairman Jerome Powell can also be attributed.
Chief economist and global Peter Schiff tweeted, "Risk assets like stocks and bitcoin are tanking simply because Powell indicated the Fed may end the taper a few months ago and also the first 1/4 point rate hike." Might come soon." Strategist at Euro Pacific Capital.
Other major cryptocurrencies such as Solana, Shiba Inu, Cardano and Polygon also fell between 13 and 20 percent during the day. The global market capitalization has also fallen drastically in the last 24 hours, standing at $2.23 trillion. Data from CoinMarketCap showed that it was down by 14.64 percent over the past 24 hours. On the other hand, there has been a sudden increase in the volume of the total crypto market. The volume of coins traded in the last 24 hours stood at $199.83 billion, an increase of 76.05 percent, the data showed.
Meanwhile, GreenTrust, which is valued at $0.00000002441, was the top loser in the global crypto pack. The coin fell 92.85 per cent during the day. According to the data Pegaxy and YearRise have occupied the second and third positions. Chipz, on the other hand, rose to the top of the crypto pack on Saturday. In the last 24 hours, the price of a coin has increased by 386.65 percent. According to the data, the price of one token was $0.2897. ALL BEST ICO and COXSWAP were the other two gainers who have grabbed the next top spot that day.
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
- GreenTrust: $0.00000002441 - down by 92.85 per cent
- Pegaxy: $0.2645 - down by 87.48 per cent
- YearRise: $0.0008983 - down by 87.24 per cent
- Rise: $ - down by 85.94 per cent
- Unvaxxed Sperm: $0.000001408 - down by 79.20 per cent
- ElonTech: $0.000001593 - down by 72.01 per cent
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
- Chipz: $0.2897 - up by 386.85 per cent
- ALL BEST ICO: $0.002536 - up by 229.12 per cent
- COXSWAP: $0.00000009029 - up by 153.37 per cent
- Euro Shiba Inu: $0.00000000003453 - up by 117.64 per cent
- DAV Coin: $0.003935 - up by 110.49 per cent
- En-Tan-Mo: $0.05127 - up by 90.16 per cent