Bitcoin was looking somehow up in terms of value as the end of this weekend, but things went completely wrong with a crash in price today.
The king of the cryptocurrencies has gained some modest gains on Thursday which made the coin reach more than $43K, but the price sank back to less than $40K, However, the price drop did not stop there, as it went severely down to reach $38,592, the price is considered the lowest price since the Aug 2 2021.
Moreover, this 11% drop of the Bitcoin’s price is a unique drop for the coin, but the thing is that this market crash affect mostly all the cryptocurrencies, as Ethereum dropped 8% in the past 24 hours, and Binance coin has also dropped 10% of its value as well as a 9% drop for Cardano.
As mentioned previously, the market is crashing recently, which affected the list of top 20 coins in the market cap which was empty as no coin was listed in the top 20 by market cap “EXCLUDE STABLECOINS”. Most of the losses were unfortunately double-digits, this resulted in $1.83 trillion of the total cryptocurrency market cap, compared to $2,93 trillion in Nov 8th.
Most of the traders or even normal readers are questioning themselves of the reason of this severe crash. There are multiple reasons of this crash and most of them did not come out of blue, starting from high inflation, the increase in the interest rate, supply shortages due to COVID-related cases, ending with the Dow Jones Industrial Average was down 0.9% in Thursday trading to put its year-to-date losses at 4.5%.
Bitcoin doesn’t ever sleep or just shut, but the king may consider this month as a rest month or as a break to start over and surge to unrecorded levels.
Bitcoin by the time of writing this article is trading in dark red with a price of $38,933.97.