The crypto money market experienced an incredibly sharp decline as of last night and today, and an unexpected activity was seen.
While the total value of the crypto money market has reached the level of 3 trillion dollars, there has been a retreat to 2.193 trillion dollars as of now.
The industry actually shrunk by more than $300 billion, losing 15% in value overnight.
Looking at Bitcoin, it is seen that the price has decreased to $ 43,000 on some exchanges. BTC, which has decreased by 21% as of now, is in the $47,000 band. Bitcoin’s market value also fell below $ 1 trillion again.
Market Blood Lake!
On the other hand, Ethereum is also exactly of bitcoin followed it and fell 22% to below $4,000. Ethereum price is trading at $3,900 after a 22% drop.
Other altcoins are in a much worse situation. Solana dropped 25% in 24 hours, Cardano 29%, XRP 27%, DOT 29% and DOGE 33%.
The crypto currency that lost the most value in the Top 20 was Dogecoin with 33%, and DOGE fell back to the $0.10 band.
According to Bybt data, there was a liquidation of $2.31 billion in 24 hours. Bitcoin is at the top of these, Ethereum is in the second place and Cardano is in the third place interestingly.
So what should investors expect next? In fact, $ 44,000 was very critical for Bitcoin, and the candlestick below it changed the situation.
Bitcoin closing below $44,000 in the coming days could be the biggest sign of the month. On the other hand, there are also analysts who think that this is a temporary decrease like in March 2020.
Although there is no clear information about the decrease, it is among the reasons that the new omicron variant negatively affects the market.
In addition, it is known that companies exchange cryptocurrencies due to year-end tax payments in the United States, so December usually appears with ups and downs in the crypto market.