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Bitcoin price lost near $10k overnight near the level of $43k

source-logo  thecoinrepublic.com 05 December 2021 02:14, UTC

Bitcoin price was on a roller coaster ride amid achieving the new all-time high above $69k. Although the market analysts were also confused about its next move, they were bearish on the overall sentiment. However, as this weekend began, the flagship crypto asset lost more than $10k within the just the period of 24-hours, and declined to a low near $43k after overnight rout. 

As the leading digital asset dropped significantly, it’s impact was observed in the altcoin market as well. Ethereum, the most popular altcoin, also witnessed a division over the same period and fell near the level of $3,500.

Bitcoin price losses subsequently

On Friday, Bitcoin price had shown some recovery signals and was trading near the price level of $57,000. However, from the level, BTC commenced its downtrend pared and lost subsequently. Notably, after the severe correction, the price rebounded back to the level of near $48k. Overall, since earlier this Friday to earlier on Saturday it has been observed that the coin lost almost $10,000, which is about 17%.

Ethereum followed BTC’s actions

As the Bitcoin price shattered, it’s impact has been observed on the altcoin market as well. Although the price of ETH coins were already in a bearish trend, there were some chances of recovery. On Friday, Ether was trading above the price level of $4,600 before it began its subsequent downtrend with the most prominent cryptocurrency. Notably, on Saturday, the price of ETH dropped to a low of nearly $3,500. 

However, after the correction, as BTC witnessed a rebound, ETH also was able to gain some momentum and surged a little to trade near $3,800. Still, the fall of about 16% was significant.

What plunged the crypto market?

It has been observed that the crypto market began to shatter as stock pulled on Friday. Investors globally began to flee to the safety of Treasuries and pushed the 10-year yield percentage lower. Notably, some of the risky tech stocks were among the biggest losers in the United States market as Tesla shed about 6% and Ark Innovation lost about 5%. It is worth noting, as the sentiment in the tech space took a U-Turn, investors began to unload their digital holdings as well.

However, there was no clear reason for the cryptosphere to decline at such a pace. According to J.C. Parets, chief market strategists for All Star Charts the evidence points to the has yet become another derivative-including selling event. Parets also highlighted that the September flash crash had the same drivers as the latest sell-off. Indeed, leverage in the market flushed in a violent fashion while enabling the market to eventually move higher towards a new all-time high in October.

thecoinrepublic.com