The impact of Bitcoin’s sharp drop has also been felt in other cryptocurrencies. Ethereum, Ripple, BNB, Solana, and Dogecoin, among the world’s top 10 crypto tokens, fell by 5-8 per cent.
The cryptocurrency market tumble on Monday amid sell-off on Monday. Investors holding Bitcoin are in panic as this major cryptocurrency has crashed below USD 90,000. On Monday, Bitcoin fell by around 7 per cent under the pressure of a sudden, intense sell-off, and within a short time, its price dropped by nearly USD 5,000. Not only Bitcoin, but the world’s top 10 cryptocurrencies experienced significant declines, and according to reports, hundreds of millions of dollars were wiped out within an hour.
Bitcoin witnessed sudden selling pressure
Bitcoin, the largest cryptocurrency, witnessed a sudden selling pressure in the early Asian hours. Meanwhile, the price of BTC plummeted by USD 5,200 in just two hours. According to data, this massive drop resulted in a loss of USD 400 million (approximately Rs 3587 crores) in just 60 minutes.
According to CoinMarketCap data, Bitcoin’s intraday low on Monday, December 1, at 9:50 am, was USD 85,945, representing a 6.55 per cent decline from its 24-hour high of USD 91,965.04. This is a decline of 32 per cent from its lifetime high of USD 126,198.07 on October 7. Furthermore, Bitcoin’s trading volume increased by 46 per cent to USD 55 billion in the past 24 hours, while its market cap fell to USD 1.7 trillion.
The impact of Bitcoin’s sharp drop has also been felt in other cryptocurrencies. Ethereum, Ripple, BNB, Solana, and Dogecoin, among the world’s top 10 crypto tokens, fell by 5-8 per cent. Zcash also slid by 22 per cent in 24 hours. Ethana, Dash, Kucoin, Injective, Starknet, Pudgy, and Aave fell by 12-15 per cent during this period.
Amid this decline, the crypto market’s market capitalisation fell by more than 5 per cent to USD 2.93 trillion, while the total crypto market size increased by more than 40.5 per cent, with tokens worth USD 116.65 billion coming to exchanges.
Stock Market Today
Meanwhile, benchmark stock indices Sensex and Nifty closed marginally lower after hitting their fresh all-time highs on Monday due to profit-taking at higher levels and foreign fund outflows.
The 30-share BSE Sensex pared early gains and closed 64.77 points or 0.08 per cent lower at 85,641.90. During the day, the benchmark jumped 452.35 points or 0.52 per cent to hit a record intra-day high of 86,159.02.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
