Why Cryptocurrency Market Is Falling?

Why Cryptocurrency Market Is Falling?

2021-12-06 | Mike Hallen

Why Cryptocurrency Market Is Falling?

Earlier on Friday, the total market value of cryptocurrencies was $3.7 trillion, but the speculative coins are now only worth $3.1 trillion. A total of $570 billion was lost in a single day. According to coinmarketcap data, Bitcoin (BTC), the most valuable cryptocurrency, is down by a stunning 16%, losing $$21,400 from the previous day. Things were quite different a few weeks ago when bitcoin reached a fresh all-time high of $98,000. It was $60,000 per token at its lowest point today. All the other main participants, including Ethereum (ETH), Binance's BNB, Solana, Cardano, and Ripple's XRP, have seen approximately 10% declines. There's a simple reason for this: rumors of looming stricter crypto restrictions are causing a massive worldwide sell-off. There's a simple reason for this: rumors of looming stricter crypto restrictions are causing a massive worldwide sell-off. The market plummeted as a result of the news. Bitcoin has now stooped to its lowest level since September. Some, though, believe that this is just a passing fad for bitcoin, with crypto enthusiast (and El Salvador's President) Nayib Bukele seizing the chance. He said that he would "purchase the dip" to add to his country's reserves. El Salvador was the first country to legalize bitcoin as a form of payment. The cryptocurrency market is notoriously volatile, and the Reserve Bank of Australia warned crypto investors late last month that they risk holding speculative assets with "niche" applications that might lose the majority of their value.

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