Why is cryptocurrency falling ?
Why is the cryptocurrency market declining?
The overall mood of the cryptocurrency market remains volatile, but a gloomy Christmas awaits us in 2021.
Facebook Twitter Following the two largest virtual tokens, the market cap of the broader crypto market is down 4.2% in the last 24 hours to $2.27 trillion.
The market cap of the broader crypto market
Tina Jain Cowshal December 10, 2021 Updated 10 Dec 2021 at 3:49 PM IST
Bitcoin and Ethereum have plunged below $48,000 and $4,100, respectively, in the last 12 hours on concerns about the Evergrande crash, where the ripples are re-appearing. Following the two largest virtual tokens, the market cap of the broader crypto market is down 4.2% in the last 24 hours to $2.27 trillion. Fitch downgraded Chinese developer
Evergrande Group to "limited default" on Thursday for failing to pay premiums on offshore bonds. According to a Reuters report, Evergrande will cross default about $19 billion in international bonds if it fails to pay $82.5 million in interest payments last month, putting the developer at risk of becoming China's largest defaulter. Over the months....
In addition to the Evergrande, other factors leading to a decline in liquidity, including uncertainty over the novel coronavirus (COVID19) strain Omicron, and concerns about further tightening by the Fed, have contributed to the downturn in the cryptocurrency market. contributed To give you an idea, the price of Bitcoin, the largest and oldest cryptocurrency charting the broader market, has fallen 15% over the past 7 days, trading at $48,207. Likewise, Ethereum, the second-largest virtual token, is down 9%, now trading at $4,122. CoinDCX research group
says yesterday's sell-off is clear evidence that crypto still trades primarily as a risky asset, despite many of the savings properties associated with cryptocurrencies.
“But not everything is gloomy and gloomy. Dinosaur coins like $XRP and $LTC are starting to show signs of a resurgence, and $XRP is noticeably breaking out of the BTC pair's 4-month downtrend. It is not yet known what the price dynamics will be at the end of the year, given that overall market sentiment is still volatile and we could face a dark Christmas in 2021,” said research group CoinDCX.
“The price of cryptocurrency is affected by many factors, including the global economic situation and the cryptocurrency market. Several factors related to the cryptocurrency market include supply and demand, production (mining) costs of certain assets, listing on exchanges, software/management updates to blockchains, regulatory and legal updates affecting market sentiment, etc.” EVPGrowth & Strategy's Minal Tukral said at CoinDCX.
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Talking This is why Vikas Ahuja, a member of the emerging cryptocurrency industry group Blockchain and Crypto Assets Council (BACC) and CEO of CrossTower India, argues that fluctuations in cryptocurrency prices influence many factors. Considering the events surrounding Cryptoville, it has led to fluctuations in the price of cryptocurrencies on exchanges in India but only lasted for a few hours, he said, and a new strain of coronavirus known as Omnicron is shaking up global markets on its own, he said. Ashish Singhal, founder and CEO of exchange CoinSwitch Kuber, points out that several macroeconomic factors are driving cryptocurrency prices.
“Various new projects also affect the price of certain cryptocurrencies.
Our user base is dominated by individual investors. The proposed cryptocurrency legislation in India is receiving positive attention among cryptocurrency enthusiasts, with the news that there is a broader understanding of how to protect investors and ensure the stability of the financial system,” he said. : cryptocurrency crypto market Cryptocurrency ban bitcoin Ethereum
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