- Bitcoin crashed sharply on Saturday, the rate fell by almost $ 10 thousand in about an hour to a low of $ 42 thousand, and then climbed slightly to $ 45 thousand.
- Ether , the second largest cryptocurrency by market capitalization, fell by about $ 1,100 for that same period.
- Bitcoin’s behavior reflects wider declines in cryptocurrency markets, with some falling more than 20% in 24 hours, according to the Coinmarketcap Price Index.
Bitcoin crashed sharply on Saturday, the rate fell by almost $ 10 thousand in about an hour to a low of $ 42 thousand, and then climbed slightly to $ 45 thousand.
Ether , the second largest cryptocurrency by market capitalization, fell by about $ 1,100 for that same period.
Bitcoin’s behavior reflects wider declines in cryptocurrency markets, with some falling more than 20% in 24 hours, according to the CoinMarketcap Price Index.
Bitcoin Market cap again back to $800 Billion
According to CoinGecko, the total market capitalization of cryptocurrencies is currently in the region of $ 2 trillion.
Selling in the spot market seems to have led to a depreciation of the cryptocurrency. The plunge triggered a prolonged squeeze in the derivatives market, which in turn led to a deeper downturn.
It should be noted that last Friday, all three major stock indexes showed weekly declines. Some observers believe that the market crash to its lowest point since late September was a result of the uncertainty caused by the Omicron strain of the coronavirus and growing problems at the Federal Reserve System (FRS) due to high inflation.
Investors ditched stocks in favor of safer market segments and the yield on 10-year US Treasuries declined.
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On Friday, the Nasdaq Composite Index did worse than the Dow and S&P 500, with tech stocks hitting especially hard. All of this has extended to cryptocurrencies.
Bitcoin is now almost 30% below its all-time high of close to $ 69K, which was reached in early November
