Cryptocurrency week begins with Bitcoin and other cryptocurrencies licking the wounds of a weekend of sales. Last Saturday, December 4th, there was a massive withdrawal, which dropped the price of cryptocurrencies by 10% or more.
This Monday morning (6), the price seemed to have stagnated in the red. Bitcoin, for example, the largest cryptocurrency in capitalization, remained at the level of US$47,000, even more than 24 hours after the drop. Last Saturday, the cryptocurrency reached the level of US$45,000, a drop of more than 20% in just half an hour of trading.
This Monday morning, despite the slight recovery, the currency still had a negative balance of 17%. BTC’s market capitalization also fell by more than 12%.
Ethereum, the second-largest cryptocurrency, dropped about 10% to $3,600. On Monday morning, the currency continued trying to recover, reaching the level of US$ 3,900.
The other cryptocurrencies also followed Bitcoin’s downward trend. Binance coin, Solana and Polkadot, for example, fell about 10% each. Meanwhile, Cardano, XRP and Dogecoin are down about 7%.
The LUNA token, which had been performing incredible for the last week, dropped more than 18% in just 24 hours. However, the currency still has a positive balance, as a result of last week’s rally.
Finally, the currency AVAX, from the blockchain of Avalanche, has fallen another 14% in the last 24 hours, reaching a negative balance of 29% in decline in the last 7 days.
The global cryptocurrency market capitalization fell more than 1% to the $2.29 trillion mark compared to the last day. Meanwhile, the total market volume has fallen more than 40% to 121.49 billion.
Bitcoin crash was caused by a mixture of problems
The crypto market closed the weekend with a sharp drop, triggered by a combination of Evergrande debt problems, excessive leverage in the markets, uncertainty in Fed economic policies and continued spread of the Omicron variant.
The panic generated in investors after the construction company Evergrande did not pay the debt was great. Desperate investors have sold off their Bitcoin reserves, causing a widespread impact on the stock market.
Experts, however, do not guarantee that the mass sales are over. Some analysts defend the thesis that many whales from the market are still looking for small returns and may withdraw even more from the market.
According to some experts, it is possible that new lockdowns in the world could keep cryptocurrencies at lower levels.
Price of the main cryptocurrencies today:
- Bitcoin (BTC): US$48,157
- Ethereum (ETH): US$4,021
- Binance coin (BNB): US$550
- Solana (SOL): US$182
- Cardano (ADA): $1.29
- XRP: $0.77
- Polkadot (DOT): US$ 25.33
- Land (LUNA): US$ 62.03
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