Mainstream cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) have crashed more than 6 per cent in the last 24 hours, according to global crypto exchange coinmarketcap.com data, on concerns of a new Covid variant.
Top cryptocurrency by market value Bitcoin tumbled 6.08 per cent in the last 24 hours and was trading at $54,395.60 at 9:30 am. Ethereum crashed 7.08 per cent in the last 24 hours and was trading at $4,132.19. Meanwhile, Binance Coin was trading at $592.91, down 6.05 per cent in the last 24 hours. Tether (USDT), which is the fourth cryptocurrency by market capitalisation, was trading at $1 and rose 0.03 per cent in the last 24 hours. Solana (SOL) continued to fall, losing 5.36 per cent and was trading at $195.65, according to coinmarketcap.com.
“The new coronavirus variant detected in South Africa seems to have frustrated the markets, as Bitcoin (BTC) and other major altcoins sold off. This sudden fall has resulted in cross-crypto liquidations of more than $750 million over the 24-hour period. However, the selling may not be over yet,” says Gaurav Dahake, CEO and founder, Bitbns, a cryptocurrency exchange.
Biggest Gainer and Loser
MetaSafeMoon (METASFM) became the biggest gainer in the last 24 hours clocking an increase of 695.10 per cent; it was trading at $0.000000005798 at 9:30 am. Cheemas Inu (CINU) lost the most in the last 24 hours, falling 99.31 per cent, and was trading at $0.00004511.
Popular Meme coins such as Dogecoin (DOGE) and its rival Shiba Inu (SHIB), Dogelon Mars (ELON) and Samoyedcoin (SAMO) continued to fall like mainstream coins. Top meme coin by market value Dogecoin fell 5.1 per cent in the last 24 hours and was trading at $0.2064, while Shiba Inu has witnessed a fall of 3.23 per cent in the last 24 hours and was trading at $0.00003979, according to coinmarketcap.com.
Dogelon Mars (ELON) has fallen by 5.15 per cent in the last 24 hours and was trading at $0.000001313, while Samoyedcoin (SAMO) was trading at $0.07073 and recorded a fall of 9.61 per cent in the last 24 hours, according to coinmarketcap.com.
Bank of England Governor Andrew Bailey on November 25 raised concern over El Salvador’s decision to adopt Bitcoin as its currency, according to a Bloomberg report.
“What would worry me most of all is, do the citizens of El Salvador understand the nature and volatility of the currency they have,” says Bailey.
Meanwhile, in India, top Indian private sector banks, including Axis Bank, HDFC Bank and ICICI Bank, have sent out emails to customers warning them about risks related to cryptocurrencies, reported The Economic Times.