The BRICS TimesCrypto Winter Returns: Bitcoin Plunges 6% on First Trading Day of December
The start of December is unfavorable for the crypto market. Bitcoin, the largest cryptocurrency globally, saw a massive drop. This huge fall occurred on Monday, the first trading day of the week.
The cryptocurrency market constantly experiences fluctuations. The beginning of December has not been good for the crypto market. Bitcoin, the oldest and largest cryptocurrency, saw a sharp drop. This happened on Monday, December 1st, the first day of trading. Over the last 24 hours, Bitcoin has fallen by about 6%. This caused investors to suffer losses worth crores. Earlier, Bitcoin prices were showing improvement. It was trading above the $90,000 price point again. However, it fell to around $86,000 during today’s trading.
Status of Cryptocurrencies in the Market
According to CoinMarketCap, Bitcoin was trading at $86,141.71 on Monday. This was around 12:45 PM. It had fallen by 5.30% over the last 24 hours. Ethereum prices were also seeing a decline. Ethereum slipped 5.93 percent, trading at $2,824.16. Tether and Solana cryptocurrencies also saw a decline. Solana fell by nearly 7 percent. Solana was trading at $126.69 during the trading day.
Reasons Behind This Decline
Market experts suggest several factors. These could be selling in the Asian market. Another factor is the possibility of an interest rate hike by the Bank of Japan. Large and old crypto investors also engaged in selling recently. Following this, the crypto market turned red.
Akshay Didwaniya
Mayur Mohta
Pratik Agrawal
Aditya Didwaniya