Crypto Market Crash, Bitcoin Drops 22%, Cryptocurrency Sales Worth $1 Billion

Bitcoin Rate: No one can say when what will happen in the cryptocurrency market. On Saturday, there was a huge drop in the cryptocurrency bitcoin. At 9.20 pm (GMT), bitcoin fell nearly 12 percent to US$47,495. It fell further during the session to reach US$41,965. That is, the loss for the whole day became 22 percent. The coin tied to the Ethereum blockchain network also fell by more than 10% following a massive drop in the cryptocurrency.

The market capitalization of the 11,392 coins it tracked fell nearly 15% to $2.34 trillion, according to cryptocurrency data platform Coingecko. Last month itself, this value had crossed the 3 trillion mark when bitcoin made a record of 69000 US dollars (51.96 lakh).

This fall comes at a time when there has been a volatile situation for the financial markets for the past one week. Job growth in the US is slow in November and investors are upset due to the Omicron variant of the corona virus. Due to this, global equities and benchmark US bond yields fell on Friday.

Data from another platform, Coinglass, showed that nearly $1 billion worth of cryptocurrencies sank in the past 24 hours on the wholesale digital exchange Bitfinex.

Hong Kong-based head of exchange sales at cryptocurrency exchange EQONEX, Justin D’Anethan, said he was seeing an increase in leverage ratios in cryptocurrency markets as well as large holders moving their coins from wallet to exchanges. It is an indication of intention to sell.

He said that the big holders of the crypto market transferred the coins to the trading venues. He used leverage from retailers to bring down the prices.

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