‘Be On Guard’—Black Friday Crypto Price Crash Wipes Billions From Bitcoin, Ethereum, BNB, Solana, Cardano, XRP And Dogecoin

- Advertisement -

Bitcoin and cryptocurrency prices fell sharply as the discount shopping event Black Friday began, with stock markets around the world plunging on fresh fears over the new COVID-19 version.

- Advertisement -

Subscribe now to Businesshala’ cryptoasset and blockchain advisory and discover new NFT and crypto blockbusters ready for 1,000% profit.

- Advertisement -

“Forget Black Friday; today has been renamed Red Friday after the color of the stock price screen as fears of a new COVID stress plunge stocks globally,” said Russ Mold, Investment Director, AJ Bell. Said in the email comments.

The price of bitcoin fell to its lowest price since mid-October, down 5% in the past 24 hours to less than $55,000 per bitcoin. Meanwhile, Ethereum, the second largest cryptocurrency after bitcoin, fell to the closely watched $4,000 per ether level.

- Advertisement -

The broader bitcoin and crypto sell-off—also affecting Binance’s BNB, Solana, Cardano, Ripple’s XRP and Dogecoin—has wiped nearly $200 billion from the combined crypto market capitalization since Monday.

Sign up now for free cryptocodex—a daily newspaper for the crypto-curious. Every workday, helping you understand the world of bitcoin and crypto

more from BusinesshalaNew German Chancellor Olaf Scholz Issues A Serious Bitcoin and Crypto Alert Ahead of Latest Price Hike

“With the increase in equities market volatility, crypto investors should remain cautious,” Alex Kuptsikevich, senior market analyst at FxPro, said in emailed comments. He warned that the price of bitcoin could be vulnerable to broader market movements, partly due to recent institutional investments that could have a knock-on effect on smaller cryptocurrencies including Ethereum, Binance’s BNB, Solana, Cardano, Ripple’s XRP and Dogecoin. can.

“Due to the institutional love affair, bitcoin is quite vulnerable to risky asset exit moments when it sells everything, regardless of the outlook. And its serious sell-off risks dragging the entire cryptocurrency market down with it. are.”

However, Kuptsikeevich also thinks that bitcoin has begun to serve as a so-called safe haven asset, with retail investors buying bitcoin in times of uncertainty.

“From a different perspective, retail investors have developed a reflex to buy crypto over coronavirus fears, with WHO discussing new virus variants and restrictions on air travel,” he said.

Meanwhile, other bitcoin and crypto investors are confident that the latest crash is only a temporary blip, intensified by the Black Friday and Thanksgiving Day holiday.

“The crypto market has been affected by a temporary selloff, reflecting the global stock market, amid concerns about a new COVID-19 variant,” said Nigel Green, crypto investor and chief executive of dVere Group, in an email. that have been discovered in southern Africa.” notes.

cryptocodex—A free, daily newsletter for the crypto-curious

more from BusinesshalaCrypto Price Prediction: Volcano Could Push Bitcoin to $1 Million in Five Years – Leaving Ethereum, BNB, Solana, Cardano, XRP and Crow in the Dust

“Spurred by a small wave of uncertainty, the parallel movements of the crypto market and stock markets highlight that digital assets are now mainstream. The headlines have prompted a knee-jerk reaction, made more pronounced as most of the market is on Thanksgiving. Was celebrating and not participating.”

The fall in the price of bitcoin came amid a drop in the bitcoin hashrate – a measure of computing power directed at the bitcoin network.

“Both the hash rate chart and the price chart fell together this morning, which suggests this is not a coincidence,” Jason Dean, analyst at bitcoin and crypto research organization Quantum Economics, said via Twitter DM.

“While there are other factors at play, my initial thought is that it is more of a market reaction to something that seems to be an issue, but in reality is not – that is the strength of a decentralized system. However, in short, For the time being, traders can expect a bumpy ride as the market makes its assessment.”


- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox