- Bitcoin slid below $60,000
- Most top cryptos were in red
- Global market cap slid by 5.16%
The global cryptocurrency market capitalization registered a 5.16% fall over the last 24 hours, contracting to $2.48 trillion as of 2.20 a.m. ET. Most of the top coins were in red Friday. Crucially, while a clutch of negative headlines from the previous days added to the bearishness, there appeared be be no positive news that could halt the downward momentum for the tokens.
Bitcoin sunk to below $60,000; to compare, it had just hit a record-high on Nov. 9. In the last 24 hours, Bitcoin was down 6.12% to $56,132, CoinMarketCap data showed.
While there was no immediate single reason evident for the bloodbath, experts pointed to a clutch of factors driving Bitcoin’s slide–one of them being the Securities and Exchange Commission (SEC) rejecting a spot Bitcoin exchange-traded fund (ETF), which would likely have seen billions of dollars pouring into the crypto market.
Another was President Joe Biden’s signing the infrastructure bill, which contained tough reporting provisions for brokers, a term that critics said was ambiguously defined.
China’s renewed warning against crypto mining in the country and punishing of a local communist party official for helping miners was cited as another reason for the bearish sentiment.
Ethereum, the second most popular crypto, fell 4.57% in the last 24 hours to $4,048; it too had hit a record-high last week.
Among other top cryptos, BinanceCoin was down 4.64% to $546.43. Polkadot fell to $39.24. Solana, which just a week earlier was on a roll, crashed 8.29% to $195.27.
Meme cryptos Dogecoin and Shiba Inu also slid in value. While Dogecoin was down by 5.46% in the last 24 hours, Shiba Inu crashed 9.57% in the same time period.
Tether, on the other hand, rose slightly by 0.11% and was trading at $1.00.
The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.