By: Swastika Das Sharma
Last Updated: January 24, 2022, 17:45 IST
Bitcoin plunged below the $39,000 mark on Friday
Cryptocurrency Update: The global cryptocurrency market cap was headed for a bloodbath on Friday, December 21 as all major crypto coins including Bitcoin and Ethereum shed drastically, after already being on the downward trod for days. The global crypto market cap was standing at 1.82 billion at 1710 IST, according to data from CoinMarketCap. This was down by 8.16 per cent in the last 24 hours. This was fuelled further as traders sold their assets as the crypto coin prices started to fall, making the volume of traded coins go up by 111.11 per cent over the past day. The crypto market volume over the last 24 hours stood at $105.35 billion, according to data.
Bitcoin was trading at $38,828.93 at the time of writing this article, down by 7.78 per cent over the last 24 hours, while Ether went below the $3,000 mark. Ethereum value was standing at $2,843.48 at 1710 IST, down by 9.61 per cent. Major crypto coins including Tether, Cardano, Solana, Dogecoin, BNB, USD Coin and Shiba Inu also suffered severe losses during the day.
“There can be multiple factors that could lead to impacting the crypto market and its prices. The uncertainty surrounding the Crypto Bill across the globe could be one of the factors that led to a fluctuation in cryptocurrency prices,” said Vikas Ahuja, member of Blockchain and Crypto Assets Council (BACC) and CEO of CrossTower India.
“China shutting down Bitcoin mining in Sichuan province, has also led to crypto market prices going down in market value. In addition, the new variant of the Coronavirus, Omnicron is roiling global markets, with its impact being felt across various markets, including those trading cryptocurrencies,” he added.
“For quite some time, cryptocurrency markets have been resting on a crucial support level. Risk assets are being sold off as a result of the macroeconomic downturn. Also, the downtrend is affected by the minutes released by Fed,” said BACC member and BuyUcoin CEO Shivamm Thakral.
Edul Patel, CEO of Mudrex, had earlier warned about the consequences of support levels breaking. “The support price for BTC’s support price is above US$40,000 as momentum improves on intraday charts. The resistance zone of BTC ranges between US$43,000 to US$45,000. If the support levels break, it will indirectly pressure the crypto market,” he had said.
Covid Slice became the top loser in the crypto pack on Friday. Over the last 24 hours, the value of one coin Covid Slice by 99.51 per cent. One token was priced at $0.0002095, as per data. ENHANCE and Revolution were the other two losers who occupied the next top spots on the day. However, crypto coin Project X Nodes gave the highest return of 674.19%
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
Project X Nodes: $23.14 – up by 674.19 per cent
PAPPAY : $0.000002405 – up by 251.72 per cent
Influencer Finance: $0.00000000004774 – up by 240.83 per cent
Metacraft: $0.4624 – up by 210.78 per cent
tudaBirds: $0.01387 – up by 190.76 per cent
POLARNODES: $2.81 – up by 162.53 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
Covid Slice: $0.0002095 – down by 99.51 per cent
ENHANCE: $0.00000000002015 – down by 99.01 per cent
Revolution: $7.24 – down by 97.49 per cent
SAFECAME CASH: $0.00000000001519 – down by 91.53 per cent
Wall Street Capital: $0.0001111 – down by 84.00 per cent
SOCIETY OF GALACTIC EXPLORATION: $0.000000002825 – down by 81.76 per cent
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About the Author
Swastika Das Sharma, Subeditor at News18.com, has been part of digital media since 2020. She has completed her post-graduation from Asian College of J…Read More
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