Bitcoin money plunges, Crypto investors stand still
Recorded at the latest trading session on December 5, 2021, Bitcoin money continuously plummeted, causing many investors to "lose everything". Specifically, compared to 1 month ago, the Bitcoin price as of December 5 is 37% lower. In addition to BTC, other cryptocurrencies such as ETH, Cardano Coin, XRP or Polkadot all dropped in price. This event caused the total value of coins globally to "evaporate" nearly 180 billion USD compared to the previous time.
Bitcoin “tragedy” in the last days of 2021
In the last days of 2021, specifically last week, the price of Bitcoin continuously fluctuated. In just 1 hour, the price of BTC coin - the most powerful coin at the moment "plunge" to 8000 USD, to exactly reach the threshold of 56,000 USD.
The news that the price of Bitcoin fell like a "lightning blow to the ear" for many investors when before that, when Coinbase was about to IPO, the price of BTC increased very strongly. Even many investors believe that, with this possibility of increase, BTC will surpass the peak of $ 65,000 in a flash on primexbt trading
However, the cryptocurrency "walk" is not easy. After only one day, Bitcoin "turned the wheel", a series of other cryptocurrencies also wobbled, leaving a gloomy atmosphere for the worldwide cryptocurrency market.
Summary of quick information about Bitcoin price on December 5, 2021 as follows:
Within just 1 day, the price of Bitcoin dropped from $53,857 to $42,874. At around 9 am on the same day, the Bitcoin price continued to have a small movement at $ 48,941, down more than $ 20,000 compared to a month ago. It can be seen that within 24 hours, the price fluctuation range of BTC is very large.
Along with the decline in the price of BTC, other coins also had a change. Specifically, the price of Cardano Coin dropped by nearly 9.58%, XRP Coin dropped to $0.8274; Polkadot Coin “evaporated” more than 13%; ETH Coin dropped nearly 1.26% to just $4,118.
It can be seen that the plunging Bitcoin price is the source of the stagnation in the value of the cryptocurrency market at the moment.
Bitcoin money continuously drops in price in the last days of 2021
How does Bitcoin currency volatility affect the crypto market?
According to many financial experts, the Bitcoin price continuously bottomed out in part due to the fact that the popular car company Tesla did not accept BTC as a means of payment. This unexpected statement caused BTC and a series of other cryptocurrencies to wobble.
If you are interested in the cryptocurrency market, you will find that: From the first months of 2021, BTC has always been on the rise. Its attractiveness makes other coins also pay more attention. Even the coins are not highly applicable in practice.
But by the time the BTC bubble burst, according to CoinMarketCap, the price of ETH - the world's second most popular cryptocurrency fell by more than 14%. Currently, the price of ETH hovers around $3,700. Another coin, Dogecoin, also slipped almost 19% after hitting a record high of nearly 74 cents at the beginning of the month, etc.
On the investing.com website, many experts say that the rapid increase in the value of BTC at the beginning of this year has caused a price bubble that could explode at any time. And reality has proved it in recent days. Some investors are concerned about trading Bitcoin at this time. And they choose the time when the BTC price bubble officially "breaks" to buy.
What factors affect the price of Bitcoin?
The virtual currency market is not a "playground" for hasty and impatient investors. Because virtual currency has a large amplitude of fluctuations from minute to second. So you can make billions of dong in a moment or lose everything if unfortunately the price drops. So, how to best control Bitcoin price? The answer is to study the factors that affect the price of BTC.
No one can deny the popularity of cryptocurrencies in the 4.0 era. However, this is still an area of uncertainty and potential risks. Therefore, the EU, European and American countries, etc., are constantly introducing regulations to tighten the virtual currency management corridor.
Some countries are concerned that the rampant adoption of cryptocurrencies creates opportunities for money laundering, criminal manipulation, terrorist financing, etc. to increase. For example, India. This country does not allow the existence of cryptocurrencies, including Bitcoin, in their payment system.
Particularly, the event that the price of Bitcoin crashed at the end of 2021, the decision of the CEO of electric car company Tesla, Elon Musk to not allow BTC as a means of payment was considered as the "last drop of water" that caused the situation to fall. the price drop worsened.
At the same time, security researchers PeckShield released a statement about BitMart exchange - one of the largest cryptocurrency exchanges attacked by hackers and about 100 million USD "failed". Around the end of December 4, a series of tokens were moved out of the hot wallet. A day earlier, this situation also took place, this attack caused many investors to be affected. Total damage amounted to 120 million USD. At the same time, the FBI - US Federal Bureau of Investigation has seized 40 BTC of a citizen related to ransomware.
The turmoil in the legal corridor and the deep concern about the security and safety of the virtual currency market have had a significant impact on the Bitcoin price in recent times.