Bitcoin, Ethereum and other cryptocurrencies have plunged more than 15% in the latest move to remove risk from Investing.com
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By Robert Zach and Daniel Shvartsman
Investing.com – He was immersed early in the morning in Saturday trading, taking a torch from a risk-free week in markets in general. At 6:15 a.m. ET, the leading cryptocurrency was selling for less than $ 47,000, a drop of more than 16% in the last 24 hours, the biggest drop in the cryptocurrency since September 7th.
The broader cryptographic complex has experienced similar declines, including , , and XRP immerse yourself in double-digit percentages. and , two main meme tokens, were also caught in the accident.
This continues on Friday, when the S&P sold .8% and the Nasdaq sold nearly 2%, the job report and its implications for the Docusign and software sector failed. The week was marked by fears over Covid 19’s Omicron variant – although the severity of the variant is unclear, and may ultimately be a positive development – and was the “retirement” of Fed Chairman Jerome Powell’s term to reduce plans and perhaps. Rate hikes will come in the near future, moving the market into a risk-free environment.
Bitcoin was down just over 5% on the trading week, but the movement accelerated on Friday and Saturday night trading. The sell-off was most notable around midnight, when bitcoin fell from a low of $ 52,000 to $ 42,587.8, according to the cryptocurrency index Investing.com, to bounce back to current levels.
Alt Coin and Ethereum Performance
Bitcoin and its crypto pairs continue to rise sharply throughout the year, with bitcoin up 61% so far, and is still trading above September levels, but volatility is a feature for crypto traders. The question will be whether the general setback is a risk-off mindset that indicates a more sustainable sale in the cryptographic ecosystem.
Ethereum has fallen slightly less by 15%, and continues to rise by almost 500% a year among questions about whether Bitcoin may have a future (Bitcoin’s market capitalization remains almost double Ethereum’s market cap, however). Meanwhile, the performance of alt coins in the last 24 hours is as follows:
- Solana: -18%
- Cardano: -18%
- Ripple XRP: -20%
- : – 21.5%
- : -18.5%
- Binance: – 14%
According to Coinglass data (formerly Bybt), positions around $ 2.5 billion have been settled in the last 24 hours, representing more than 40% of these BTCs. The the crypto market lost more than $ 550 billion in market capitalization It is only $ 1.88 trillion at around 07:20 GMT, before recovering $ 2.2 trillion at the time of writing.
Bitcoin and Ethereum levels
The BTC fell to a low of $ 42,587, the lowest level since September 30. The downtrend brought Bitcoin’s market cap to $ 896.13 million, or 40.92% of the total crypto-currency market. This puts Bitcoin down 13.5% on the week, down 31.2% from the $ 68,990.63 high set on November 10th.
Ethereum is down just 19.5% from its 52-week high, but technical support levels are hovering around $ 3750 and then down to $ 3300/3500.
It remains to be seen how traders will react to this severe crash and whether it will affect wider markets.
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