Monday, November 29, 2021

When the Bitcoin price crashes, hundreds of billions will be wiped from the crypto market

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Bitcoin price has fallen below $ 60,000 amid a market-wide crash.

Ethereum (Ether), Binance Coin and Solana (SOL) were among several other leading cryptocurrencies that also lost value, slumping between 5 and 10 percent on Tuesday morning.

The price crash comes less than a week after Bitcoin hit a new all-time high of nearly $ 69,000.

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The entire crypto market fell more than $ 200 billion to around $ 2.6 trillion overnight after briefly rising $ 3 trillion during last week’s record breaking rally.

The reason for the price crash is not immediately clear as several factors may contribute to the crash.

These include renewed crackdown on BTC mining in China, the rejection of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission and long-term investors who are skimming profits from their holdings.

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