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Bitcoin Price Prediction Bitcoin drops by a fifth bringing the day’s total losses to 22%
On Saturday, Bitcoin lost one-fifth of its value due to profiteering and macroeconomic turmoil, resulting in the sale of nearly ڈالر 1 billion worth of corrupt currencies.
The bitcoin was trading down 12% at $ 47,495. During the session, it dropped to $ 41,967.5, making the day’s losses 22%.
Ethereum Coin, which is connected to the Ethereum blockchain network, has lost more than 10% as a result of the sale of the cryptocurrency.
The market capitalization of 11,392 currencies tracked by the cryptocurrency analytics portal Coingecko fell more than 15% to 3 2.34 trillion. Last month, when the bitcoin reached a new high of $ 69,000, its value temporarily exceeded $ 3 trillion.
The decline comes after a tumultuous week in world markets. World market and benchmark US government rates fell on Friday after data showed that US employment growth slowed in November and the omkron version of the corona virus left investors stranded. find out more
Justin D’Anthon, head of Hong Kong-based Exchange Sales at the cryptocurrency exchange EQONEX, said he was keeping an eye on rising leverage ratios in the cryptocurrency markets, as well as how large investors were moving out of their coin wallets. Are The latter usually indicates a desire to sell in exchange.
“In the crypto arena, the whale seems to have moved the coin to commercial locations, increasingly biased and exploited ordinary traders, and then pushed prices down,” he added.
The sale comes ahead of a December 8 hearing before the House of America Financial Services Committee by officials from eight prominent cryptocurrency companies, including Coinbase Global CFO Alesia Haas and FTX Trading CEO Sam Bankman Freud.
As policy makers deal with the consequences of cryptocurrencies and ways to manage them effectively, this hearing will be the first time that prominent cryptocurrency actors have appeared before the US Congress.
The US Securities and Exchange Commission (SEC) last week rejected WisdomTree’s second request for a spot bitcoin exchange traded fund.
According to another site, Coinglass, about $ 1 billion worth of cryptocurrencies were sold in the last 24 hours, with most transactions taking place on the digital exchange Bitfinex.
“If anything, this is an opportunity for many investors who at first thought they had lost the boat to buy a drop. We can see that Tether is being bought at a premium, which It appears that people are investing in the corrupt sector so that they can do exactly what D’Anethan was referring to as the world’s most stable coin.
The cost of holding bitcoins through peripheral futures, which was up 0.06% in October, has also fallen, indicating that traders have turned negative.
The financing rate on BitMEX, a cryptocurrency trading platform, fell to minus 0.18% from 0.01% for most of November.