Last Updated on November 20, 2021 by TARUN CHAUHAN
Cryptocurrencies have been dropping down for the last two weeks. Almost every coin has lowered its worth in the last 14 days. As it’s obvious, that the market is volatile because currencies were surging almost two weeks back but they are falling down once again.
Even the biggest coin in the market, Bitcoin has dropped its worth by -0.1% in the last hour. Additionally, in the last 24 hours, the coin has lowered its price by -1.6%. Moreover, the last 7 days are also similar to this trend and the coin has lost its worth by -10.8%.
There is no single factor in the collapse of cryptocurrencies right now, but there is a conversion of things that are coming together.
Why Cryptocurrency has been dropping down?
The first is that China intends to eliminate Crypto- mining from the country. Officials at the National Development and Reform Commission said in a press conference a few days ago that they would continue cracking down on mining, which is likely to be one of the world’s largest economies rejecting Cryptocurrency outright.
We also see the dollar getting stronger against other fiat currencies, and it seems to be getting stronger against Cryptocurrencies as well. The dollar is strengthening partly as interest rates rise, which could help keep inflation low. But if investors hold Bitcoin or any other cryptocurrency as a hedge against inflation, rising rates, and a rising dollar could cause them to end the trade.
The explosion of cryptocurrency prices seems to have stopped abruptly late Monday night as a massive crypto sale began. As of 11 a.m. EST on Tuesday, every major cryptocurrency was down sharply, with some trading down 10% in the last 24 hours.
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Bitcoin (CRYPTO: BTC) is the world’s largest and most significant cryptocurrency move, falling 5.8% in the last 24 hours. After reaching nearly $69,000 last week, the value of the bitcoin fell briefly below $59,000 on Tuesday morning.
Ethereum (CRYPTO: ETH) is down 8% in the previous day, this morning fell briefly over 10%. That’s down 10.8 percent from the previous week. Solana (CRYPTO: SOL) is down 6% in the last 24 hours and has fallen 9.1% in the last week. Dogecoin (CRYPTO: DOGE), the king of meme coins, is down 6.5% in one day and 14.5% in the previous week.
The last 14 days are also identical to this story, the coin has dropped down by -5.3%, and last but not least, even the last 30 days went so awful for the coin. Bitcoin has dropped its worth by -2.7% in the last 30 days. In fact, this is going to be the worst month for Bitcoin.
Currently, it’s trading with $59,837.63 in the Crypto market. The high recorded price is $61,389.80 and the low recorded $58,994.44 in the last 24 hours. Thus, the coin is resisting hard against the slumped market.
Besides, Shiba Inu is also struggling hard against the slumped market. The coin has been dropping down for the last 14 days. The coin has dropped down by -29.5% in the last two weeks. In addition to that, it has dropped down by -11.7% in the last seven days.
Furthermore, the coin has lowered its worth by -2.6% in the last 24 hours and -0.2% in the last hour. Showing that the coin is dropping down frequently. However, it’s because the market is volatile and ups and downs are part of it.
Recently, it’s trading with $0.00004861 in the market. The high recorded price is $0.00005049 while the low recorded price is $0.00004736. The market capitalization is almost $26bn.
Cryptocurrencies have been dropping down since last week but this will not continue and the crypto market will regain height and investors will be pouring in money into it to earn more.