TL;DR Breakdown:
- The global cryptocurrency market suffers a big blow on Black Friday.
- All major crypto prices are down, as the market cap is down by 5%.
- The crypto market crash is triggered by the wider stock market crash and FUD over a new Covid strain.
The global cryptocurrency market has suffered yet another crash today, as all major coins are taking a massive hit. The entire cryptocurrency market cap is down by over 5.3% in the last 24 hours.
Crypto prices were starting to recover yesterday, which seemed like a bull pattern could soon follow. Bitcoin was nearing back to the ideal $60k mark, and Ethereum also soared above $4.5k. However, the market has crashed even more significantly today, ironically on Black Friday sales day.
Bitcoin is now trading at $54,700 and Ethereum at $4,073, which is the lowest price for these coins in the last 30 days. The impact is felt ever harder throughout the altcoin market. XRP is trading below $1 for the first time in over 60 days.
Litecoin is also trading below its ideal $200 zone. CRO coin which was taking all the headlines just days ago hitting an ATH of $0.965, is now over 15% down in the last 24 hours. Meme coins, DOGE and SHIB are also suffering the same fate in what seems like a significant crypto market crash.
What’s causing the crypto market crash?
Ironically it might seem like all cryptocurrencies are on a Black Friday sale, but there’s a large scale crypto sell-off at play in the global markets which is causing this crash. Firstly, the global stock market is also slumping. The fears over a new ‘more deadly’ Covid-19 strain has led to industry-wide liquidation in the US Stock market, which has also crossed over to the global crypto market.
The crypto market is already facing a lot of regulatory pressure in November. President Biden’s new crypto regulations, followed by the potential news of India banning all cryptocurrencies had already triggered a bear run in the market. The stock market crash further added to the FUD, leading to today crypto market crash.
Bitcoin and Ethreum sharks are confident that today’s crash is temporary, and it’s being aggravated due to Black Friday and Thanksgiving holidays. However, wider market advisors are cautioning crypto investors to ‘be on guard, as Bitcoin prices can show further volatility.
For now, it seems like the bears have won November.
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