Published 11:42 IST, December 18th 2021
Crypto market crash: Bitcoin, Ethereum, Dogecoin shares fall in value; know why
The market capitalisation of the global market cap on Friday stood at $2.32 trillion with almost all major cryptocurrencies witnessing a drop in value.
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cryptocurrency market tumbled by over 3% on Friday continuing on crash market is currently going through. fall comes after a year of gains and record highs, following changes in many factors from its increase in market cap to effects of COVID-19 pandemic. Cryptocurrency investors are now selling off ir digital assets after market plunged yet again.
market capitalisation of global market cap on Friday stood at $2.32 trillion with almost all major cryptocurrencies witnessing a drop in value. Market leers Bitcoin registered a 2.66% fall in last 24 hours to tre at $46,566.02 per unit till last update. Anor major digital currency, Ereum saw its value dip 1.66% in last 24 hours and was tring at $3,894.88 per unit. Tokens like Solana, Cardano, Litecoin and Dogecoin all saw ir values drop in recent days signalling a market crash.
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Why is crypto market down today?
Earlier, Bitcoin and or leing crypto coins witnessed a major drop in price after investors began dumping mining equipment following China’s crackdown on cryptocurrency. Chinese government announced fresh regulations and banned mining in its Sichuan province. China’s crackdown on mining of token began a chain effect that caused value of market to drop. Meanwhile, Chinese banks were also vised to pull support of crypto transactions completely.
Governments around world proposing to ban cryptocurrencies leaving some exceptions could have created a state of panic among investors. Indian government’s public statements regarding banning of private cryptocurrencies in India as well as it teasing Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 to be presented in parliament have also affected market in a major way. Finance Minister Nirmala Sitaraman cleared air as she informed that government has no plans to consider cryptocurrency as a currency, which caused disruption in market.
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Crypto market crash factors
Anor factor that has an impact on global stock market, as well as cryptocurrency market is Over last month, Indian cryptocurrency market has been experiencing sharp falls. se arrival of a new variant of Coronavirus, i.e. Omnicron. Meanwhile, Investors selling ir coins and reaping profits ahe of yearend and holiday season is yet anor minor reason for value drop.
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11:42 IST, December 18th 2021