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Crypto currency disaster wipes $300b off market

Butcoin price dropped by $11,850

SAMAA | - Posted: Dec 4, 2021 | Last Updated: 2 months ago
SAMAA |
Posted: Dec 4, 2021 | Last Updated: 2 months ago

Crypto or digital currencies witnessed an unusual dip between the night of Friday and Saturday. The downward that started after mid night (Pakistan Standard Time), continued till morning.

Bitcoin, the biggest digital currency, saw a drop of $11,850 overnight. This is like 20 per cent decrease in the overall value of Bitcoin from $57,482 to $45,632.

Later on, it was trading between $46,000-$47,000.  It is also being speculated that there will be further drop in Bitcoin’s value.

This wiped off around $125 billion from the market. Total worth of Bitcoin has come from $1.01 trillion to $896

Other digital currencies also witnessed similar downward trend. Ethereum, the second biggest digital currency in terms of value, also shed 15% of its value in last 24 hours. Price of one Ethereum has come to $3,800.

Other currencies that saw decrease are

Shiba Inu – 16%

CryptoSoul – 18%

MANA – 24%

Polkadot – 22%

Dodgecoin – 21%

 Overall decrease in cryptocurrencies’ value has dropped by $300 billion.

The digital currencies have been under pressure since a financial house predicted that the stock markets and crypto currencies will see a decline and Bitcoin could come to $10,000. Digital currency market, which was already slow and the Bitcoin was facing resistance at $60,000 mark, was badly hit by the statement and it had shook the investors’ confidence and started withdrawing their money.

A minig form has reported that during the month of November only 196 bitcoins were produced. Less than half of what was produced in October, 417.7 coins. This is in part due to maintenances of mining system. In October,

Bitober hit the record $66,000 taking the overall worth of the digital currency to $1,243 billion. After this, people were expecting the coin to break the psychological barrier of $100,000 but it has come even below $60,000 mark.

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