Bitcoin Price Down by a Fifth as Crypto Market Crash Sees $1 Billion Worth Liquidated

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Bitcoin shed a fifth of its value on Saturday as a combination of profit-taking and macro-economic concerns triggered nearly a billion dollars worth of selling across cryptocurrencies.

Bitcoin was 12 percent down at 9:20 GMT at $47,495 (roughly Rs. 35.76 lakhs). It fell as low as $41,967.5 (roughly Rs. 31.60 lakhs) during the session, taking total losses for the day to 22 percent.

The broad selloff in cryptocurrencies also saw ether, the coin linked to the Ethereum blockchain network, plunge more than 10 percent.

Based on cryptocurrency data platform Coingecko, the market capitalisation of the 11,392 coins it tracks dropped nearly 15 percent to $2.34 trillion. That value had briefly crossed $3 trillion last month, when bitcoin hit a record $69,000 (roughly Rs. 51.96 lakhs).

The plunge follows a volatile week for financial markets. Global equities and benchmark US bond yields tumbled on Friday after data showed US job growth slowed in November and the Omicron variant of the coronavirus kept investors on edge.

Justin d'Anethan, Hong Kong-based head of exchange sales at cryptocurrency exchange EQONEX, said he had been watching the increase in leverage ratios across the cryptocurrency markets as well how large holders had been moving their coins from wallets to exchanges. The latter is usually a sign of intent to sell.

“Whales in the crypto space seem to have transferred coins to trading venue, taken advantage of a bullish bias and leverage from retail traders, to then push prices down,” he said.

The selloff also comes ahead of testimony by executives from eight major cryptocurrency firms, including Coinbase Global CFO Alesia Haas and FTX Trading CEO Sam Bankman-Fried, before the US House Financial Services Committee on December 8.

The hearing marks the first time major players in the crypto markets will testify before US lawmakers, as policymakers grapple with the implications of cryptocurrencies and how to best regulate them.

Last week, the US Securities and Exchange Commission (SEC) rejected a second spot-bitcoin exchange-traded fund proposal from WisdomTree.

Data from another platform Coinglass showed nearly $1 billion worth of cryptocurrencies had been liquidated over the past 24 hours, with the bulk being on digital exchange Bitfinex.

“If anything, this is the opportunity to buy the dip for many investors who might have previously felt like they missed the boat. We can see tether bought at a premium, suggesting people are getting cash ready, within the crypto space, to do just that,” D'Anethan said, referring to the biggest stablecoin in the cryptocurrency world.

A plunge in bitcoin funding rates — the cost of holding bitcoin via perpetual futures which peaked at 0.06 percent in October — also showed traders had turned bearish.

The funding rate on cryptocurrency trading platform BitMEX fell to a negative 0.18% from levels of 0.01 percent for most of November.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.


The ABCDE of Cryptos: from Avalanche to Ether

Cryptocurrency is part of the future of money, but that doesn't mean much if you don't know how to understand a crypto, how to gauge its potential, or know the metrics that you need to watch out for. But for people who are just starting off, here's a primer to get you started on your research. If you can't or don't want to do your own research, then you can focus on these five cryptos.

  • A = Avalanche
  • B = Bitcoin
  • C = Chainlink
  • D = Decentraland
  • E = Ether

Now let's take a quick dive into these 5 cryptos. But before that I want you to read the crypto metrics we discussed before. And some things to remember — the figures mentioned are as of 19 November 2021 and have been rounded off. Market cap = Current Price x Circulating Supply. And Volume (24h) is the fiat value of this crypto traded over the last 24 hours.

A = Avalanche (AVAX)

Avalanche is one of the largest Decentralised Finance (DeFi) blockchains. What I like the most about it is that it lets me launch customized private and public blockchains.

Avalanche has an amazing transactional throughput of 4500 tps. The others are very low in comparison – Bitcoin (7 tps), Ethereum (14 tps), Polkadot (1500 tps).

AVAX is Avalanche's native token and it can be used for staking, paying fees, and providing a unit of account between the multiple subnetworks created on Avalanche.

Some of the core AVAX metrics are:

Price $103
All-time high $ 110.31
All-time low $ 2.79
Market cap $22.8 billion
Volume $1.9 billion

B = Bitcoin (BTC)

Bitcoin (BTC) is the world's first and largest cryptocurrency. In fact, the word “blockchain” is derived from its whitepaper. In September 2021, El Salvador became the world's first country to recognize Bitcoin as a legal tender.

Today a lot of top financial institutions and large companies are beginning to hold and trade in Bitcoin. We have seen the emergence of Bitcoin ETFs (Exchange Traded Funds). Many people are also considering Bitcoin to become a store of value and exceed the market capitalisation of gold.

Bitcoin has not been pre-mined, meaning that no coins have been distributed between the founders before Bitcoin became available to the public.

Some of the core BTC metrics are:

Price $ 56,920
All-time high $ 68,789.63
All-time low $ 65.53
Market cap $ 1 trillion
Volume $ 43 billion

C = Chainlink (LINK)


The problem that Oracles solve is this – “How can a smart contract get data from the outside world?”. Oracles act as middleware between smart contracts and external sources of data. Chainlink is a decentralized network of independent oracle node operators.

LINK is the crypto token that is used for paying Chainlink node operators for providing oracle services.

Some of the core LINK metrics are:

Price $ 27
All-time high $ 52.88
All-time low $ 0.1263
Market cap $ 12.8 billion
Volume $ 1.2 billion

D = Decentraland (MANA)

The metaverse is a parallel “digital universe” where you could create your digital avatar and do all sorts of cool stuff – learn, play, party, and more! Decentraland is building some really cool things in the metaverse and has 2 cryptos – MANA and LAND.

MANA is an ERC20 fungible token that can be spent for buying LAND which is an ERC-721 (non-fungible) Ethereum token. Other than virtual land, you can also buy avatars, wearables, and even names on the Decentraland marketplace.

Some of the core MANA metrics are:

Price $3.96
All-time high $4.69
All-time low $0.007883
Market cap $8.7 billion
Volume $7.1 billion

E = Ether (ETH)


Ethereum is neither a blockchain nor a cryptocurrency — it's a protocol (a set of rules or procedures). The original Ethereum-powered public blockchain split into two blockchains – Ethereum and Ethereum Classic — after the 2016 Decentralized Autonomous Organization (DAO) hack.

The Ethereum public blockchain is the world's largest and most popular Decentralised Finance (DeFi) platform and its native crypto is Ether (ETH). ETH is the fuel for the execution of decentralized smart contracts on the Ethereum blockchain.

Some of the core ETH metrics are:

Price $4,146
All-time high $4,869.5
All-time low $0.4209
Market cap $492 billion
Volume $23.4 billion

Rohas Nagpal is the author of the Future Money Playbook and Chief Blockchain Architect at the Wrapped Asset Project. He is also an amateur boxer and a retired hacker. You can follow him on LinkedIn.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.