Saturday was not a good day for cryptocurrencies as bitcoin started to experience a decline in prices. For the initial stages of the day, bitcoin increased but later on, a sudden downfall hit the market in the prices of different cryptocurrencies. However, bitcoin experienced a fall of around 150 in total value. It is a concerning matter for the currency market as other cryptocurrencies will also face the pressure imposed by bitcoin downfall. At 0920GMT, bitcoin was decreased by 12% and stood at a value of $47,495.During the day, bitcoin also fell as low as $41,967.5, and it was a total loss of 22% of the entire day for this incredible cryptocurrency. Apart from BTC, several other cryptocurrencies were not in the positive lines today. Also, the second most popular cryptocurrency in the world experienced a decrease in its prices, and many investors sold off their assets.
Ethereum decreased its prices by 10%, the lowest fall in the crypto currency’s price since October. According to research carried on by a cryptocurrency trading platform, a total drop of 15% was experienced by the market capitalization of 11,392 coins. It was a massive fall for the whole trip to the currency market and led to a decrease to $2.34 trillion in the whole cryptocurrency market capitalisation. The whole market capitalisation was about to reach a little higher than $3 trillion the previous month, and bitcoin today at a value of $69,000, which is the all-time high price of this cryptocurrency. It is not only the digital coin market that was struck by the volatility in the market. Every financial market was experiencing a downfall, including the United States bond yields. On Friday, according to data, United States job growth was also lower down because of the new Covid variant.
Because of this, every kind of investor stood at a hedge with high respect and associated with investments. But, on the other hand, some of the globally popular exchanges like coin DCX and many more reported a massive downfall in the cryptocurrencies investments. According to the CEO of FTX trading, everything is happening because of the United States house financial services committee, which was about to be held on December 8.
Know here : Types of Cryptocurrency Wallets
The new session of the financial services committee is about to be held in the United States of America, which has considered to be a preeminent reason for the downfall in the cryptocurrency market. The policymakers are about to discuss some of the most critical implications of cryptocurrencies, and to know you it then visit Official trading platform. Apart from this, because of the increasing trend of cryptocurrencies, many investors are worried that officials may impose some rules and regulations. Every country in the world nowadays want to regulate different cryptocurrencies, and the reason behind it is their widespread popularity. Everyone wants to use the technology used in cryptocurrencies to develop their nation. It is the same case with United Nations. It aims at using the cryptocurrency market to increase the income of the whole United States.
According to a report available on the internet, there is a total decrease in the cryptocurrency valuation of $1 billion. It has been the most significant liquidation ever faced by the cryptocurrency market since a few years back. Also, the period in which this liquidation took place was just 24 hours which is a matter of concern for everyone who has his money in the cryptocurrency world. Some of the most popular cryptocurrency exchanges also see it as a matter of concern. If the investors do not invest money in digital coins, they will not have employment to fund their expenses. Apart from the United States financial services session, other factors are considered. The omicron virus approach is one of the most important reasons the market will crash in the future. Earlier, people expected that the prices of different cryptocurrencies would rise, but it did not happen.
Even if there was a downfall in the market and a vast liquidation, El Salvador, which accepts cryptocurrencies as a legal tender, does not restrain from investing in it. When cryptocurrency prices started to decline, other investors withdrew their money quickly, but El Salvador started to purchase. According to the President of El Salvador, the country has purchased additional 157 bitcoins for funding the newly implemented plan of bitcoin city. Also, the bitcoin city in El Salvador is experiencing to change the whole crypto space for this world.
