In the past 24-hours, there has been a huge dip in the price of overall cryptocurrencies. In a matter of a day, the entire cryptocurrency industry comes down crashing and it has raised many alarms among cryptocurrency investors.
Although it was Bitcoin (BTC) that started experiencing the dip in the past 24-hours, it soon dragged the entire cryptocurrency sector. No matter how high the ETH, DOGE, or other crypto maximalists talk about their respective currencies. It is still Bitcoin at the end of the day that has the steering for the entire cryptocurrency industry.
It was on December 3, 2021, when the Chinese regulators enforced regulations that completely banned cryptocurrencies. As a result, the major cryptocurrency mining firms in China ended up dumping all the mining equipment. As China was responsible for mining most of the Bitcoin, it soon crashed the entire Bitcoin market.
As the major investors noticed the movement within the Bitcoin market, they started selling Bitcoin, which caused a huge sell-off for Bitcoin. Soon the entire cryptocurrency sector followed and it caused a selling contest throughout the cryptocurrency sector.
The data surrounding Bitcoin in the past 24-hours shows that its price has plunged over 16.00% in the past 24-hours. After the plunge, the price of BTC has come crashing down to $47,986.27 per BTC. When it comes to the trading volume, it has swelled by 98.03% in the past 24-hours.
As for the market worth of Bitcoin, its valuation has come all the way down to $907,575,905,625, which is Bitcoin’s 60-day low.
The graph for Bitcoin shows that the price of Bitcoin is going to plunge even more and its trading volume is going to keep rising. This is because the investors are still selling Bitcoin and its market has changed completely bearish.
The Chinese regulatory is a factor that the analysts had not foreseen at all and it wasn’t even expected. According to analysts, the Chinese regulatory authorities were going to continue with their action against crypto-related firms as normal.
However, the Chinese regulatory authorities have made a sudden announcement completely banning the utility of cryptocurrencies in the country. This has completely closed the gate or has killed any hope that the crypto-firms had of surviving in China.
Apart from the all-time high Bitcoin hit on November 10, there was nothing significant that Bitcoin managed to achieve in the past 30-days. This is the reason why the overall growth of Bitcoin has suffered a negative trend at the rate of 23.51%. As for the past 7-days, Bitcoin’s price has continued experiencing the dip, coming down by 11.94%.
For now, the predictions of Bitcoin hitting $71,000 by the end of 2021 have been ceased and the analysts will soon be coming up with their predictions surrounding the asset.