The global cryptocurrency market cap was headed for a bloodbath on Friday, December 21 as all major crypto coins, including Bitcoin and Ethereum, shed drastically, after already being on the downward trend for days. The global crypto market cap was standing at 1.82 billion at 1710 IST, according to data from CoinMarketCap. This was down by 8.16 percent in the last 24 hours. This was fuelled further as traders sold their assets as the crypto coin prices started to fall, making the volume of traded coins go up by 111.11 per cent over the past day. The crypto market volume over the last 24 hours stood at $105.35 billion, according to data.
At the time of writing this article, Bitcoin was trading at $38,828.93, down by 7.78 per cent over the last 24 hours, while Ether went below the $3,000 mark. At 1710 IST, Ethereum value was standing at $2,843.48, down by 9.61 percent. Major crypto coins, including Tether, Cardano, Solana, Dogecoin, BNB, USD Coin, and Shiba Inu, also suffered severe losses during the day.
"There could be multiple factors that could lead to impacting the crypto market and its prices." The uncertainty surrounding the Crypto Bill across the globe could be one of the factors that leads to a fluctuation in cryptocurrency prices, "said Vikas Ahuja, member of the Blockchain and Crypto Assets Council (BACC) and CEO of CrossTower India.
"China shutting down Bitcoin mining in Sichuan province, has also led to crypto market prices going down in market value. In addition, the new variant of the Coronavirus, Omnicron, is roiling global markets, with its impact being felt across various markets, including those trading cryptocurrencies, " he added.
For quite some time, the cryptocurrency markets have been resting on a crucial support level. Risky assets are being sold off as a result of the macroeconomic downturn. Also, the downtrend is affected by the minutes released by the Fed, "said BACC member and BuyUcoin CEO Shivamm Thakral.
Edul Patel, CEO of Mudrex, had earlier warned about the consequences of support levels breaking. "The support price for BTC’s support price is above US$40,000 as momentum improves on intraday charts. The resistance zone of BTC ranges between US$43,000 to US$45,000. If the support levels break, it will indirectly pressure the crypto market," he had said.
Slice became the top loser in the crypto pack on Friday. Over the last 24 hours, the value of one coin Covid Slice by 99.51 per cent. One token was priced at $0.0002095, as per data. ENHANCE and Revolution were the other two losers who occupied the next top spots on the day. However, crypto coin Project X Nodes gave the highest return of 674.19%Top 6 Cryptocurrency Gainers in
the top six cryptocurrency gainers in the last 24 hours were:
Project X Nodes: $23.14 - up by 674.19 per cent
PAPPAY : $0.000002405 - up by 251.72 per cent
Influencer Finance: $0.00000000004774 - up by 240.83 per cent.
$0.4624 - up by 210.78 percent
tudaBirds: $0.01387 - up by 190.76 per cent
$2.81 - up by 162.53 percent According to data from CoinMarketCap,
the top six cryptocurrency losers in the last 24 hours were:
Covid Slice: $0.0002095 - down by 99.51 per cent Enhancement
: $0.00000000002015 - down by 99.01 per cent
Revolution: $7.24 - down by 97.49 per cent -SafeCame Cash
: $0.00000000001519 - down by 91.53 per cent