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Crypto Carnage: Bitcoin Down 10k, Altcoins Post Double Digit Losses
On Sunday, Bitcoin dropped more than 16% on its worse trading day since May. The largest crypto traded at a low at $43,000 before settling at above $47,000.
Usually, other major cryptos follow Bitcoin’s price movements. Unsurprisingly, most major cryptos posted losses in the double digits as well. For example, Ethereum, the second-largest crypto by market cap, dropped 15% to $3,900. Just yesterday, the most significant intelligent contract token traded at $4,600.
Binance Coin traded at $545, dropping almost 13% from Friday’s price of $625. Solana was down nearly 20%, falling to $190, while Cardano fell almost 18%, to $1.36. Ripple, Polkadot, Doge and Avalanche all posted more than 20% losses.
Bitcoin is down 30% from its all-time high of $69,000. As a result, the entire crypto market lost 17% of its value, dropping to $2.2 trillion. Last month, that number briefly touched $3 trillion, when Bitcoin was at an all-time high.
The crash affected the entire crypto market, but slightly less than it affected Bitcoin. That’s why the collision also caused Bitcoin’s dominance to drop below 41%, to 40,47%.
Fed’s Tapering
What triggered the selloff was likely institutional investors fleeing risk assets. This is due to expectations that the Federal Reserve will reduce its vast, trillion-dollar stimulus.
Since the pandemic’s start, the Fed spent $120 billion a month on buying government and corporate bonds. The Fed’s asset purchase program has led to a ballooning of stock valuations. It also led to a worsening of supply shortages and inflation.
Dollar inflation has also boosted the crypto markets. This is because many see cryptocurrencies as a hedge against inflation. However, many still see crypto as a speculative bet, similar to tech stocks.
Several mainstream investors are selling off their positions. However, many in the crypto community say it’s the right time to buy the dip. This includes El Salvador, a country that recently made Bitcoin legal tender.
Its pro-Bitcoin president Nayib Bukele announced that the country bought 150 Bitcoins at an average of $48,670.
El Salvador just bought the dip! ??
150 coins at an average USD price of ~$48,670 ?#Bitcoin?
— Nayib Bukele ?? (@nayibbukele) December 4, 2021
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