Cryptocurrency Update: Bitcoin prices fell drastically on Saturday, December 4, amid Christmas risk-off taking cue from the global stock markets, which remained volatile for the same reason. The global cryptocurrency markets on the day logged a sharp decline in its numbers as more investors sold off stocks to settle for secure investment options as Christmas day neared. Bitcoin, the latest victim to this sell off, fell down to as low as $42,000 as per reports. This was as much as a $10,000 decline as compared to its price a day back. This came after Bitcoin hit a seven-week low last month to close at $54,000 after touching its all time high days back.
At its lowest on Saturday, one unit of Bitcoin sank below the $42,000 mark, losing as much as 22 per cent, as per a Reuters report. However, following this, the world’s largest cryptocurrency by market value pared its losses to settle at the $47,000 mark. Bitcoin prices stood at $47,664.16 at the time of writing this article, according to data from CoinMarketCap. This was down by 15.83 per cent over the course of the last day and by 13.48 per cent over the last seven days as per data.
Ethereum, the second largest cryptocurrency by market capitalisation, also fell to as low as $3,905 on the day, declining by almost 15 per cent. At the time of writing this article, the altcoin gained some momentum to stand at $3,946.76 per unit. This was still down by 13.46 per cent over the last 24 hours and by 5.18 per cent over the last seven days.
As per reports, the crash is an outcome of a risk-off sentiment among investors that has been triggered by the detection of the new Omicron variant of Covid-19. It can also be attributed to a sudden incline towards hawkishness by US Federal Reserve Chairman Jerome Powell.
“Risk assets like stocks and Bitcoin are tanking simply because Powell hinted the Fed might wrap up the taper a couple of months early and the first 1/4 point rate hike may also come a bit sooner,” tweeted Peter Schiff, chief economist and global strategist at Euro Pacific Capital.
Other major cryptocurrencies like Solana, Shiba Inu, Cardano and Polygon also tanked 13 to 20 per cent during the day. The global market cap also showed a sharp decline over the past 24 hours, standing at $2.23 trillion. This was a 14.64 per cent decline over the past 24 hours, data from CoinMarketCap showed. On the other hand, the total crypto market volume tracked a sudden increase. The volume of traded coins over the last 24 hours stood at $199.83 billion, which is a 76.05 per cent rise, data showed.
Meanwhile, GreenTrust, valued at $0.00000002441 was the top loser in the global crypto pack. The coin declined 92.85 per cent over the day. Pegaxy and YearRise occupied the second and third position according to data.On the other hand, Chipz became the top gainer in the crypto pack on Saturday. Over the last 24 hours, the value of one coin increased by 386.65 per cent. One token was priced at $0.2897, as per data. ALL BEST ICO and COXSWAP were the other two gainers who occupied the next top spots on the day.
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
GreenTrust: $0.00000002441 - down by 92.85 per cent
Pegaxy: $0.2645 - down by 87.48 per cent
YearRise: $0.0008983 - down by 87.24 per cent
Rise: $ - down by 85.94 per cent
Unvaxxed Sperm: $0.000001408 - down by 79.20 per cent
ElonTech: $0.000001593 - down by 72.01 per cent
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
Chipz: $0.2897 - up by 386.85 per cent
ALL BEST ICO: $0.002536 - up by 229.12 per cent
COXSWAP: $0.00000009029 - up by 153.37 per cent
Euro Shiba Inu: $0.00000000003453 - up by 117.64 per cent
DAV Coin: $0.003935 - up by 110.49 per cent
En-Tan-Mo: $0.05127 - up by 90.16 per cent