Bitcoin fell by a fifth of its value on Saturday. Massive sell-offs fueling rumors that Bitcoin may not be a store of value but merely a speculative investment has led to heated debates on social media. Collectively, there was a macro value of nearly a billion dollars in cross-cryptocurrency sales yesterday. Of course, the sell-offs were also led by Bitcoin.
This morning, at 07:44 ET, Bitcoin fell 9% to $48,424.44 and hit a 24-hour low of $41,967.5, down more than 22%.
Performance of other alt-coins:
Ethereum is down more than 10%.
XRP Ripple: -20%
Polka dots: -21.5%
On Friday evening in Asia, the crypto market was still climbing after volatility in financial markets. Global equity markets and U.S. bond yields fell Friday following U.S. job growth data showing a slowdown in November, with the Omicron variety leading investors to safer assets.
Beyond that, this sell-off comes ahead of testimony by executives from eight major cryptocurrency companies in front of the U.S. House of Representatives Financial Services Committee on Dec. 8.
This marks the first time that key crypto market players will testify in front of U.S. lawmakers. Policymakers want to get a picture of the impact of cryptocurrencies on society in order to draft possible regulations for the crypto market.
The Spot Market is Closed
Sunday, December 5, 2021