Global crypto market capitalization drops 2.28% in one day; not a fix, experts say – The New Indian Express

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By express news service

BENGALURU: The global crypto market cap fell 2.28% on Monday night to settle at $ 2.23 trillion. While Bitcoin was trading at $ 48,482.76, down 0.81%, Ethereum was trading at $ 4,066.31, down 2.33% from the previous trade, according to Coinmarketcap.com. , a global crypto exchange.

For the past week, Bitcoin, Ethereum and Binance Coin have been trading in the red. The total volume of DeFI (Decentralized Finance) is currently $ 19.63 billion, 14.98% of the total crypto market in the past 24 hours. Crypto players point out that this fall is a sell off because of the holidays later this month.

“These moves in December are highly anticipated and it doesn’t look like a correction to me,” said Sathvik Vishwanath, co-founder and CEO of Unocoin. He adds: “It seems like a sale because of the holidays later this month and also given that December has never been a stable month in the past.”

In the Indian market (WazirX), Bitcoin was trading at Rs 39 71,001, down 1.6% as of 8pm Monday. “Over the past few weeks, the price of cryptocurrency has fallen because traders are moving away from riskier assets due to concerns about the Omicron and the declining trade liquidity that tends to affect crypto. coins on weekends, ”said Manav Bajaj, founder of Panther Quant. He suggested not to panic to sell and that the market would recover soon.

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