xrp cryptocurrency price

Bitcoin, Ethereum, BNB, Solana, Cardano And XRP Are Suddenly In Freefall

‘Be On Guard’—Black Friday Crypto Price Crash Wipes Billions From Bitcoin, Ethereum, BNB, Solana, Cardano, XRP And Dogecoin
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Bitcoin and cryptocurrency prices suddenly fell after a period of low volatility since the beginning of the year.

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The bitcoin price lost $3,000 in a matter of hours, dropping from over $47,000 per bitcoin to under $44,000. Bitcoin is now down nearly 40% from its all-time high of around $70,000 in November.

Meanwhile, other major coins – including Ethereum, Binance’s BNB, solana, cardano, and XRP – also fell sharply, losing between 3% and 5% and wiping billions of dollars of their value from the combined $2.1 trillion crypto market.

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Cryptocurrency prices fell along with stock markets after the Federal Reserve released the minutes of its December meeting where officials discussed the possibility of an earlier and faster interest rate hike and a shrinking of the Fed’s $8.3 trillion balance sheet. Nasdaq high tech

It lost more than 3% in its worst sell-off since March.

According to the meeting summary, “Nearly all participants agreed that it would likely be appropriate to begin the balance sheet restoration process at some point after the first increase in the target range for the federal funds rate.” “Some participants felt that a significant amount of balance sheet contraction could be appropriate during the normalization process, especially given the ample liquidity in the money markets.”

The price of Bitcoin has risen more than 500% over the past two years, with other major cryptocurrencies such as Ethereum and many of its competitors posting bigger gains as the markets easily flooded with money. The cryptocurrency market swelled to $3 trillion in late 2021, up from $200 billion in early 2020. However, Apple

The stock price has risen more than the price of bitcoin last year as technology shares led the markets higher.

Concerns that the Federal Reserve could raise interest rates to record levels and cut massive Covid-era stimulus measures have weighed on bitcoin, cryptocurrency and stocks across the board in recent months, and bitcoin’s move along with stocks has destroyed its reputation as a safe haven. Sweet assets.

“For the risk-lag asset narrative to return, institutional investors should see a decline in Bitcoin’s correlation with the S&P 500 Index,” Sam Kopelman, UK Director of Bitcoin and Crypto Exchange Luno, said in comments via email. “Only then will the promise of cryptocurrency as a hedge investment be revived.”

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The latest cryptocurrency price crash comes after much of the internet shut down in Kazakhstan, which is now a major mining hub for bitcoin, ethereum and cryptocurrency due to China’s expulsion of miners until 2021. Crypto miners use powerful computers to secure crypto-blockchains and validate transactions in return. For fresh coins.

Kazakhstan is now believed to be home to as much as 18% of the world’s bitcoin mining capacity, according to research from the Cambridge Center for Alternative Finance late last year and reported by Bloc.

earlier in the day, Quindisk Cryptocurrency mining in Kazakhstan has been reported to be “likely to be affected” by the country’s largest internet service provider shutting down internet access in response to protesters who stormed government buildings due to rising energy costs.

Speaking to CoinDesk.


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