The crypto market recorded its worst day in six months as the majority of cryptocurrencies bled out in double digits. The crypto market mayhem saw the biggest liquidation day in 15 months as over $2.5 billion worth of leveraged positions got liquidated over the past 24-hours. The overall market cap fell by nearly 20% with over $500 billion getting wiped out in a matter of couple of hours.
The crypto market crash that flipped the sentiments on its head was believed to be triggered by a number of factors. The new COVID variant Omnicorn induced fears in the traditional market seems to be the primary reason. Market analysts have also blamed over leveraged positions and high funding rates on exchanges to be other factors that influenced the crypto market crash. The crypto funding rates have turned negative again and many belive its a bullish sign, even when majority of the market is trading in red.
Many also beleived the recent push for regulations in the US and call for strict policies on the cryptpo market especially stablecoins has also played a part in the recent crash. The Congress is going hold a hearing on December 8th where CEOs from top crypto platfroms such as Coinbase, FTX and several others would testify and try to lobby for progressive regulations.
Can Crypto Market Recover From the Current Downtrend?
After a highily bullish October, crypto pundits have predicted for a bullish final quarter, however, the start of December indicate otherwise. The Bitcoin Fear and Greed Index has dropped to “Extreme Fear” after a bearish one and a half month. Even though crypto market is currently going through a bearish downtrend, market analysts belive we hven’t reached a market top yet.
Plan B, a popular crypto analysts who has given a $100K Bitcoin price prediction based on the stock-fto-flow chart shared a 2017 bull cycle chart to point that the crypto market would absorb the loss before regaining the bulls.
For context, 2017 bull market pic.twitter.com/W16gCwTVve
— PlanB (@100trillionUSD) December 4, 2021
- Breaking: Valkyrie Planning To List Bitcoin Mining ETF On NASDAQ
- Just-In: OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet
- Can Bitcoin’s Price Hit $1 Million? Ark Invest Is Confident It Can Happen In 2030
- DappRadar: Strong Possibility of DeFi Shakeout In 2022 Amid Crypto User Exodus
- YouTube’s Head of Gaming Joins Polygon Studios, CEO Praises NFT and Crypto
- Bitcoin And Ethereum Sell Off Nearing An End- CNBC Host Jim Cramer
- Crypto News: Thailand To Regulate Cryptocurrencies As Means of Payment
- YouTube’s CEO Hints That NFTs Might Be Coming To The Video Sharing App
- Will McDonald’s Accept Dogecoin Following Elon Musk’s Challenge?
- Bitcoin’s Positive Correlation With The Stock Market Index Records A Mild Increase
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?