Cryptocurrencies started the weekend with heavy losses. Bitcoin and Ethereum, the cryptocurrencies with the highest transaction volume, lost nearly 20 percent and saw their lowest levels in about 2 months. While sharp value losses continue, cryptocurrencies are in an effort to recover… Cryptomeda Founder Eray Dengiz evaluated the latest developments in crypto money markets.
Cryptocurrency investor started the weekend with a buzz. Bitcoin prices, which moved between $ 51 thousand and $ 50 thousand during the week, entered the weekend with a sharp decline. Bitcoin prices, which moved above the level of 53 thousand dollars in the closing hours on Friday, then fell to the level of 42 thousand dollars with a sharp decrease and saw the lowest level since September 30.
While trying to recover afterward, Bitcoin prices are moving at the level of $ 47 thousand 165, with a loss of more than 16 percent as of 10:44 pm. While the 7-day loss of Bitcoin (BTC) is 13 percent, the market volume is at the level of 997 billion. Cryptomeda Founder Eray Dengiz commented on the reason for the sudden decline in crypto money markets, saying, “I think it comes after the uncertainties caused by the Omicron variant and the Fed’s increasing discomfort with high inflation.”
ETHEREUM HAS FALL HARD
Ethereum, the second largest cryptocurrency in the market, is close to 20 percent, accompanying Bitcoin. It declined and tested below the $3,500 level. Thus, Ethereum saw the lowest level since October 13; Currently, it is trading at the level of 3 thousand 852 dollars with a 15 percent loss of value. While Ehtereum (ETH) carries its 7-day loss to 6.40 percent, the market volume is at the level of 463 billion dollars…
The sharp declines in Bitcoin and Ethereum prices, many cryptocurrencies traded in the crypto money markets.
EL SALVADOR PURCHASE BITCOIN
El Seeing the decline in Bitcoin prices as a buying opportunity, Salvador announced that he bought 150 more Bitcoins at the level of $ 48 thousand 670.
El Salvador, the only country that accepts Bitcoin as a legal payment instrument, announced that he decided to establish a Bitcoin city in the days.
LIMITED EFFECT CAN BE VIEWED
US Federal Reserve (Fed) Chairman Jerome Powell gave a message in his recent statements that he could accelerate tapering. The realization of this rhetoric may also push the Fed’s interest rate hike calendar forward. Their messages to the Fed meeting to be held on December 14-15 will be critical. Possible changes in the Fed’s money policy are expected to have a limited impact on the crypto money markets.
WHY DID THE HARD FALL HAPPEN? Eray Dengiz – Founder of Kriptomeda
Bitcoin experienced a sharp drop of up to 20 percent in the morning hours. On the other hand, in just two days, approximately $ 300 billion in value was lost in the crypto money market.
Bitcoin fell by about 15 thousand dollars in the last 24 hours, while Ethereum decreased by 1100 dollars. Bitcoin also saw $ 42 thousand for the first time since September.
Ethereum similarly declined to $ 3 thousand 500. While Bitcoin is now trading at $ 47,500, Ethereum is trading at $ 3,900.
The market was highly affected by this decline. Next to Ethereum; Other major cryptocurrencies, including Binance Coin (BNB), Solana (SOL), and Ripple’s b, each lost almost 10 percent in just 24 hours.
I think this sudden drop comes after the uncertainties caused by the Omicron variant and the Fed’s increasing discomfort with high inflation.