Bitcoin, Ethereum, Dogecoin Slide – Analyst suggests other factors contributing to crypto carnage alongside Evergrande Woes – Bitcoin – US Dollar ($ BTC)

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Major coins dipped in the red Thursday night as the global cryptocurrency market cap fell 5.63% to $ 2.26 trillion.

What happened: Bitcoin (CRYPTO: BTC) fell 3.6% to $ 48,741.25 in 24 hours. The apex coin fell 14.39% over a seven day period.

The second largest coin by market cap, Ethereum (CRYPTO: ETH), fell 6.06% to $ 4,186.22. Over the past seven days, it has fallen 7.96%.

Dogecoin (CRYPTO: DOGE) fell 3.6% to $ 0.17 on a 24-hour basis. For the week, the cryptocurrency itself fell 17.91%.

DOGE rival Shiba Inu fell 4.57% to $ 0.00003544 in 24 hours. In seven days, it lost 15.49% of its value.

IoTex, Unus Sed Leo and Huobi Token were the top three winners, according to data from CoinMarketCap.

IoTeX rose 12.33% to $ 0.1285, Unus Sed Leo rose 2.46% to $ 3.70 and Huobi Token rose 1.22% to $ 10.06 during the period. XRP, which rose 1.3% to $ 0.876, was also another notable gainer during the period.

See also: How to buy Bitcoin (BTC)

Why it matters: The bloodshed in the cryptocurrency markets took place against the backdrop of China Evergrande Group (OTC: EGRNF) failing to honor its debt. The company has defaulted on more than $ 1.2 billion in bonds, according to Fitch ratings Thursday.

Bitcoin’s decline over Evergrande’s default has sparked disbelief on the Twitter cryptocurrency.

I really can’t believe #bitcoin is going down because of #Evergrande.

This is literally the reason we have #bitcoin.

– David Gokhshtein (@davidgokhshtein) November 12, 2021

Funny how the price of #Bitcoin soars every time something scares the traditional markets ^^

Have we taken on too many institutional investors who still don’t know anything about BTC?

Evergrande, increase in the US debt ceiling. $ BTC should rise when the titans fall, but no ^^

– Wyll ₿ilderberg (@Bouillaka_CF) December 9, 2021

Bitcoin also continues to be under pressure as the greenback continues to show strength. The dollar appreciated against all G10 currencies except the Japanese yen, a safe haven. The dollar index rose 0.3% to $ 96.233 on Thursday, according to a Reuters report.

Edward Moya, senior analyst at OANDA, noted another factor responsible for Bitcoin’s downward movement.

“Some of the selling pressure is also linked to growing electricity shortages in Kazakhstan, which are depriving the world’s second largest Bitcoin mining country of mining energy. In the past, when China had blackouts, we saw big drops with Bitcoin. “

Bitcoin must overcome “rising expectations of a stronger dollar,” an “extended altcoin season” and “short-term decline” following the spread of the Omicron variant of COVID-19, according to Moya.

Meanwhile, Ethereum’s “Arrow Glacier” upgrade went live on Thursday. The upgrade supports Ethereum’s transition to a “proof of stake” model and pushes the so-called “trouble bomb” back to June 2022, according to a project blog.

The Difficulty Bomb is a planned exponential increase in Proof of Work difficulty designed to motivate the move to Proof of Stake and reduce the odds of a fork.

Read more: Dramatic increase in number of investors favoring cryptocurrency over stocks, survey finds

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