Bitcoin, the most valuable cryptocurrency by market capitalization, fell as much as 4.9 percent to $41,008, a drop of about 40% from its November high of near $69,000. Ethereum, the second-largest cryptocurrency, fell as much as 8.3% to its lowest level since September 30. In 2021, Bitcoin outperformed other asset classes by around 60%, thanks to a story that featured institutional acceptance, inflation protection, and investment diversification.
The gloomy trend in the global cryptocurrency market continues, as Bitcoin falls
According to Coinmarketcap data, the global crypto market cap is currently at $2.04 trillion, down 1.34 percent.
Trading volume fell 12.86 percent to $102.52 billion, indicating that the bulls are taking a breather. Then, and are not in a rush to purchase on the fall. Meanwhile, in response to a tweet, Airbnb’s CEO, Brian Chesky, hinted that the company would start taking cryptocurrency payments in the future. In a tweet, golfer Matt Wallace hinted at a connection between Elon Musk’s Starlink satellite internet startup and the Dogecoin Foundation.
This week, the Nasdaq fell to its lowest level since February 2021.
As previously noted, the Nasdaq fell more than 3% overnight, the most in a single day since February. That’s, after Fed minutes revealed that policymakers discussed decreasing the bank’s balance sheet. That’s, during their December meeting, when they also resolved to speed up the end of their bond-buying program. On Thursday, Asian stock markets fell, while Treasury yields in the United States rose. Ethereum, the world’s second-largest cryptocurrency by market capitalization, fell 5.2 percent on Wednesday. Thereby, reaching its lowest level since October before recovering somewhat to $3,460.
Anti-government riots in Kazakhstan, which were spurred by rising fuel costs. So, were also being monitored by crypto analysts to see whether they would have an impact on the bitcoin network.