Monday, December 4

Bitcoin (BTC) drops more than 7% and touches $38,000; Cardano (ADA) and Solana (SOL) down almost 10% | Bitcoin Portal

Bitcoin began to collapse on Thursday afternoon (20th) and, on Friday morning (21st), the fall continued. Along with the asset practically melts the cryptocurrency market.

According to data from Coinmarketcap, Bitcoin (BTC) trades down 7.3% and sells at $39,021. The asset came to be in the range of US$ 38 thousand.

THE Bitcoin Price Index (IPB) is quoted at R$ 214,414.

The explanation seems to be the fact that Bitcoin spent a lot of time on a plateau, having reached a point where risk-averse investors could no longer support their positions in the asset.

Mass liquidations began to occur, in a chain effect. According to CoinGlass, $600 million was settled in 12 hours: $250 million in Bitcoin, $163 million in Ethereum and $10.9 million in Solana.

report of Coindesk shows two aspects of the fall. One is the fact that the price has fallen and, unlike other occasions, has not had a rebounding effect (even a slight one) immediately afterwards.

Research director at Huobi exchange, Li Hui told the outlet that “the drop was very fluid and there was no significant rebound” and that “market sentiment is pessimistic”.

The vehicle also points out that the market must have been taken by surprise, as there are still many open buy and sell orders at prices between $45,000 and $46,000.

Ethereum (ETH) is down 8.41% and is quoted at $2,877.

Despencam Binance Coin (-8.46%), Cardano (-8.93%), Solana (-9.05%), XRP (-6.72%), Polkadot (-7.77%), Dogecoin (- 6.43%), Avalanche (-9.45%) and Shiba Inu (-7.26%).

The scenario is reminiscent of January 6, when 99 of the 100 largest cryptocurrencies in the world were operating sharply down and Bitcoin was down 8.7%.

turmoil in russia

On Thursday (20) it was also reported that the Central Bank of Russia made a presentation to journalists in which it positioned itself in favor of a total ban on cryptocurrencies in the country.

Portal report Coindesk states that the proposal was made by Elizaveta Danilova, director of the Financial Stability Department at the Bank of Russia, in a report entitled “Cryptocurrencies: Trends, Risks and Measures”.

The report says that cryptocurrencies are volatile and widely used for criminal activities. In addition, it points out that the ease with which they allow the mobility of assets between countries makes it difficult for the State to implement its monetary policy.

The conclusions were that Russia needs new laws that can effectively ban cryptocurrencies and activities related to the sector.