The recent downturn in the market has left both seasoned crypto investors and newcomers worried about the price trajectory. The charts for leading cryptocurrencies, particularly Bitcoin (BTC) and several altcoins, are painted in ominous shades of red, prompting a wave of speculation and concern among the crypto community.
Crypto markets bleed – Here’s why
The crypto market, known for its volatility, is no stranger to fluctuations. However, the sudden and widespread descent into negative territory has triggered a cascade of questions: What factors are behind this decline? Is it a temporary correction, or does it signal a more profound shift in market sentiment?
Understanding the reasons behind the downturn is crucial for investors seeking to navigate these turbulent waters.
The market has seen strong gains in recent weeks, with cryptos like Bitcoin reaching a yearlong high last week.
The current week, however, appears to have lost the positive drive seen in the last few days. According to some experts, the latest market fall may be related to investors’ cautious approach. In other words, investors appear to be assessing the likely direction that the market may go in the following days.
Notably, the crypto market fear and greed index fell to 68 from about 77 last week, indicating a drop in market confidence. Nonetheless, the reading remained in the greed zone, indicating that the market may continue its bullish run in the coming days.
Yesterday, Binance announced the delisting some coins that have added to the market decline. The exchange stated that BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) will be removed from its platform. The following trading pairs will be deleted when the amendment goes into effect on December 7: BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT.
The delisting appears to result from several factors, including decreased development activity, low trading volume, liquidity, evidence of unethical/fraudulent conduct or negligence, and others.
Market prices
When writing, the Tornado Cash price dropped by 50.76% compared to the last 24 hours. Binance recently claimed that crypto tokens are subject to regular audits to verify compliance with industry standards. Although no specific cause was given for Tornado Cash’s removal, it was named among other tokens that were delisted.
According to CoinGecko, the global crypto market valuation is now $1.46 trillion, a -1.55% decrease from the previous day and a 70.25% increase from a year ago. Bitcoin (BTC) has a market cap of $724 billion as of today, signifying a 49.71% dominance.
Today’s Bitcoin (BTC) price is $37,008.25, with a 24-hour trading volume of $17,314,176,560.32. This indicates a -0.93% drop in the last 24 hours and a -0.70% drop in the last 7 days.
Today’s Ethereum (ETH) price is $2,012.88, with a 24-hour trading volume of $18,874,849,848.71. This indicates a -1.75 % decrease in the last 24 hours and a 0.39% gain in the last seven days.
Today’s BNB (BNB) price is $225.89, with a 24-hour trading volume of $793,719,620.42. This indicates a -1.46% drop in the last 24 hours and a -12.21% down in the last 7 days.
Additionally, meme coins have exhibited negative sentiment in the midst of a market-wide decline. As an illustration, at the time of writing, the value of Dogecoin decreased by 0.46% to $0.07813, while its volume increased by 56.18% from yesterday to $679.51 million. Moreover, the price of Shiba Inu fell 1.55$ and was trading at 0.000008144 at the same time.
Tuesday’s Pepe coin price of $0.000001068 represents a decrease of 2.64% and is indicative of the adverse momentum observed in the crypto market as a whole. Over the past thirty days, the price of crypto has declined by more than 12 percent due to its recent loss. In the interim, its trading volume decreased 9.39% to $66.99 million from yesterday.
