Bitcoin Price Falls Over $10k For The Day - What Really Is To Blame?

Bitcoin Price Falls Over $10k For The Day - What Really Is To Blame?

2021-12-04 | Robin Williams

Bitcoin Price Falls Over $10k For The Day - What Really Is To Blame?

Last week was supposed to be Black Friday while bitcoin was on sale the day after Thanksgiving, the outlook for crypto investors today is considerably even weaker for the day on 4th December. Bitcoin has lost more than 20% in 24 hours, Ethereum has lost more than 15%, and Solana has lost 20% of its recent gains. Overall, the global cryptocurrency market cap dropped by about 12%. The two trending currencies have also been affected greatly due to the ongoing market crash -Terra has dropped over 18% in 24 hours, while on the other hand Polygon, has already lost over  21% for the day. btc


What Really Is To Blame? There's also the threat posed by the Omicron COVID strain, which has arrived in California. Remember that economic instability greeted COVID's initial venture into America in March 2020, knocking the stock market to its knees and sending Bitcoin to just beyond $5,000. Each action necessitated the development of a new treatment. Lockouts resulted in stimulus cuts, which resulted in labour shortages and supply chain concerns. As a result, the cost of commodities and labour is rising. There is a growing anticipation that the Federal Reserve will need to boost interest rates in order to battle inflation. While this doesn't explain why inflation hedges like Bitcoin are falling today, Bitcoin is demonstrating significant levels of correlation with S&P 500 equities as the investment has grown more widespread. According to CoinMarketCap statistics, Bitcoin has dropped from a record high of $69,000 to $53,000 in just 23 days, a 22% loss, and presently at $47,298 USD, a 31% drop. Ethereum, which also reached an all-time high 23 days ago, has fallen 14 percent in that time frame and is currently on the verge of falling below $3950 USD.

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