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CRYPTO CRASH: $570 BILLION WIPED OFF MARKET CAP AFTER MAJOR SELL-OFF OVER
REGULATION FEARS
Cryptocurrency has been battered in a brutal 24-hour period, with bitcoin in
particular suffering a $14,000 loss in the space of just 60 minutes.
Alex Turner-Cohen
@AlexTurnerCohen
2 min read
December 4, 2021 - 7:55PM
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More from world markets
US MARKET CRASHES AFTER OMICRON CASE
MEME COIN CREATORS ‘SHOULD BE JAILED’
CRYPTO SPIKES 10 TIMES IN VALUE IN TWO DAYS
Cryptocurrency has been battered in a brutal 24-hour period, with some coins
recording falls as sharp as 20 per cent of their overall value.
On Friday AEDT, the overall market capitalisation of cryptocurrency was sitting
at $3.7 trillion, but now the speculative coins are worth just $3.1 trillion all
up. About $570 billion was wiped out in a single day.
Bitcoin, the number one cryptocurrency, is down by a whopping 16 per cent,
shedding $$21,400 from its price since the day before, according to CoinDesk
figures.
At one point it lost $14,000 of its value in just 60 minutes.
Several weeks ago, things were very different, as bitcoin surged to a new
all-time high of $98,000. At its lowest point today it was on $60,000 per token.
Bitcoin isn’t the only crypto that’s been eviscerated in the past several hours.
All the other major players including ethereum, Binance‘s BNB, solana, cardano
and Ripple’s XRP have experienced drops of around 10 per cent.
And there’s a simple reason why — rumours are surfacing of impending greater
regulations for crypto, prompting a mass global sell-off.
Most of the major cryptocurrencies have crashed.
An economic forecaster has predicted that the crypto market is about to have its
hands tied by red tape and, he reckons that bitcoins will soon only be worth
$14,000 each.
Just before the weekend, well known investor Louis Navellier warned that the US
central bank could start “tapering” crypto, which could ruin the market.
“The Fed is tapering, and this should create a correction in risk assets, of
which bitcoin is a part,” Mr Navellier wrote.
“The more the Fed tapers, the more volatility we should see in both stocks and
bonds — and yes, bitcoin, too.”
He added that he could see bitcoin dropping to nearly pre-pandemic levels in
terms of price, and thought it could stay at that level.
Bitcoin is among the cryptocurrencies experiencing a massive plunge.
“I would take a decline below $US46,000 (the 200-day moving average) to be a
yellow flag and a decline below the spring low of $US28,500 to be a completed
massive double top, which points to a decline to below $US10,000, which
incidentally would match many of the multiple 80+ per cent declines in its
storied history,” he wrote.
The news sent the market into free fall.
Bitcoin is now the lowest it has been since September.
At time of writing, bitcoin was slightly higher than its 24-hour low, on
$68,000.
However, some see this is as a temporary blip for bitcoin, with crypto
enthusiast (and President of El Salvador) Nayib Bukele making the most of the
opportunity.
He announced that he was going to “buy the dip” to add to his nation’s reserve.
El Salvador was the first country to turn bitcoin into legal tender.
The crypto market is famously volatile and late last month, the Reserve Bank of
Australia warned crypto investors they risked holding speculative assets with
“niche” uses that could lose most of their value.
The RBA’s head of payments, Tony Richards, said the value of many
cryptocurrencies had been driven by “fads and a fear of missing out” and could
crash when central banks decide to assert control over their monetary systems.
“I think there are plausible scenarios where a range of factors could come
together to significantly challenge the current fervour for cryptocurrencies, so
that the current speculative demand could begin to reverse, and much of the
price increases of recent years could be unwound,” he told the Australian
Corporate Treasury Association in November.
*
*
*
Read related topics:Cryptocurrency
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