As of 2:20 AM Eastern Time, the global cryptocurrency market value has fallen by 5.16% in the past 24 hours, shrinking to US$2.48 trillion. On Friday, most of the top coins are red. Crucially, although a series of negative news a few days ago has intensified the bearish sentiment, there does not seem to be any positive news that can stop the token’s downward momentum.
Bitcoin fell below $60,000; in contrast, it just hit a record high on November 9th. In the past 24 hours, Bitcoin fell 6.12% to $56,132. CoinMarketCap Data Display.
Although there is no obvious direct cause that led to the massacre, experts pointed out a series of factors that contributed to the decline of Bitcoin-one of which is the U.S. Securities and Exchange Commission (SEC) Refuse Spot Bitcoin exchange-traded funds (ETFs) may see billions of dollars flooding into the crypto market.
The other is the infrastructure bill signed by President Joe Biden, which contains strict reporting provisions for brokers. Critics say the definition of the term is vague.
China once again warned against cryptocurrency mining in the country and punished a local Communist Party official who helped miners were considered another cause of the bearish sentiment.
Ethereum is the second most popular cryptocurrency, falling 4.57% in the past 24 hours to $4,048; it also hit a record high last week.
Among other top cryptocurrencies, Binance Coin fell 4.64% to $546.43. Polkadot fell to $39.24. Solana, just a week ago roll, Fell 8.29% to US$195.27.
The value of Meme cryptocurrencies Dogecoin and Shiba Inu also declined. Although Dogecoin has fallen by 5.46% in the past 24 hours, Shiba Inu has fallen by 9.57% in the same period.
On the other hand, Tether rose slightly by 0.11% and traded at $1.00.
The cryptocurrency market is extremely unstable, and experts advise investors not to make decisions based on sudden changes in prices.
Photo: AFP/Oyama Takase
