Cryptocurrency Update: The global cryptocurrency market cap headed for a bloodbath on Friday, December 21, when all major cryptocurrencies, including Bitcoin and Ethereum, were drastically lost after being in a downward spiral for days. The global crypto market cap was 1.82 billion at 1710 IST, according to data from CoinMarketCap. This had fallen by 8.16 percent in the past 24 hours. This was further fueled when traders sold off their assets as cryptocurrency prices began to fall, increasing the volume of traded coins by 111.11 percent over the past day. According to data, the crypto market volume in the last 24 hours was $105.35 billion.
Bitcoin was trading at $38,828.93 at the time of writing, down 7.78 percent in the past 24 hours, while Ether went below $3,000. The Ethereum value stood at $2,843.48 at 1710 IST, down 9.61 percent. Major cryptocurrencies including Tether, Cardano, Solana, Dogecoin, BNB, USD Coin and Shiba Inu also suffered severe losses throughout the day.
“There can be multiple factors that can affect the crypto market and its prices. The uncertainty surrounding the Crypto Bill around the world could be one of the factors that has led to a fluctuation in cryptocurrency prices,” said Vikas Ahuja, Blockchain and Crypto Assets Council (BACC) member and CEO of CrossTower India.
“China has halted Bitcoin mining in Sichuan Province, which has also caused cryptocurrency market prices to drop in market value. In addition, the new variant of the Coronavirus, Omnicron, is raging global markets, the impact of which is being felt in several markets, including those trading cryptocurrencies,” he added.
“For quite some time now, the cryptocurrency markets have been resting at a critical support level. Risky assets are being sold as a result of the macroeconomic downturn. The downward trend is also influenced by the minutes released by the Fed,” said BACC member and BuyUcoin CEO Shivamm Thakral.
Mudrex CEO Edul Patel had previously warned about the consequences of breaking support levels. “BTC support price is above US$40,000 as momentum improves on intraday charts. BTC’s resistance zone ranges from $43,000 to $45,000. If support levels break, it will indirectly put pressure on the crypto market,” he said.
Covid Slice became the biggest loser in the crypto pack on Friday. In the past 24 hours, the value of one coin Covid Slice has risen 99.51 percent. According to the data, one token cost $0.0002095. ENHANCE and Revolution were the other two losers occupying the next top spots of the day. However, Cryptocurrency 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 – an increase of 674.19 percent
PAPPAY: $0.000002405 – an increase of 251.72 percent
Influencer Finance: $0.0000000004774 – an increase of 240.83 percent
Metacraft: $0.4624 – an increase of 210.78 percent
tudaBirds: $0.01387 – an increase of 190.76 percent
POLARNODES: $2.81 – an increase of 162.53 percent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to CoinMarketCap Data)
Covid Slice: $0.0002095 – a drop of 99.51 percent
IMPROVE: $0.00000000002015 – a drop of 99.01 percent
Revolution: $7.24 – down 97.49 percent
SAFECAME CASH: $0.0000000001519 – down 91.53 percent
Wall Street Capital: $0.0001111 – down 84.00 percent
SOCIETY OF GALACTIC RESEARCH: $0.000000002825 – down 81.76 percent
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