Bitcoin

Global crypto market cap drops 2.28% in one day; not a correction, say experts – The New Indian Express


By Express News Service

BENGALURU: Global crypto market capitalisation witnessed a fall of 2.28% on Monday evening and stood at $2.23 trillion. While Bitcoin was trading at $48,482.76, a decrease of 0.81%, Ethereum was trading at $4,066.31, a decrease of 2.33% from the previous trading, according to Coinmarketcap.com, a global crypto exchange.

For the past one week, Bitcoin, Ethereum and Binance Coin have been trading in the red. The total volume in DeFI (Decentralised Finance) is currently $19.63 billion, 14.98% of the total crypto market over the last 24 hours. Crypto players point out that this fall is a sell off because of the holidays later this month.

“These movements in December are much anticipated and it does not look like a correction to me,” said Sathvik Vishwanath, co-founder and CEO, Unocoin. He adde: “These seem to be a sell off because of the holidays later this month and also given that December was never a stable month in the past.”

In the Indian market (WazirX), Bitcoin was trading at Rs 39,71,001, 1.6% down at 8 pm on Monday. “For the past few weeks, cryptocurrency’s price has been falling because traders are moving away from riskier assets over worries about the Omicron and lower trading liquidity that tends to plague cryptocurrencies at weekends,” said Manav Bajaj, Founder, Panther Quant. He suggested not to panic sell and that the market will recover soon.



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