Bitcoin Price Plunge: Value Plunges by Thousands as #Cryptocrash Trends Across the Globe | City & Economy | finance

Reports as of 13:00 GMT Friday showed that the overall cryptocurrency market is down nine percent. The collapse caused #cryptocrash to become the 13th highest trend in the US as of 6:39 p.m. as traders lamented the recent volatile plunge.

Bitcoin suffered a 10.62 percent drop in the past 24 hours, according to CoinDesk, a cryptocurrency news site.

At the time of writing, the cryptocurrency is trading at £28,350.03 after a 24-hour high of £31,837.62.

Over the last year, bitcoin hit a record high of £50,889.69.

Other cryptocurrencies collapsed on Friday, with Ethereum, the second-largest digital coin, falling 13.74 percent over a 24-hour period.

As of 6:39 p.m., Ethereum was trading at £2,057 after a daily high of £2,393.55.

Crypto traders on Twitter lamented the market collapse and joked that they are “getting a real job” now.

User @TheOnePhun211 said, “Crypto is more like gambling but with a fancy name.”

Another user, Alok Jain, noted that the crypto market collapse is likely due to “Russian ban impact.”

Russia said it was proposing a ban over threats to financial stability and its monetary sovereignty.

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Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, told YahooMoney that Russia’s policy is a blow as the country represents a large volume of crypto trading globally.

He said: “The news that Russia may ban crypto mining is significant considering Russia’s crypto trading volume was reportedly $5 billion last year and a ban will have a major impact on that.

“However, I don’t think they will be able to completely stop crypto trading activity in Russia.

“We’ve seen China attempt to ban crypto trading multiple times over the last few years, but China remains one of the most active countries for crypto – decentralized finance enabled by cryptocurrencies is difficult to monitor/stop.”

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Naeem Aslam, chief market analyst at Ava Trade, also said that the outlet’s pessimism is responsible for the downside spikes in value.

He said, “Pessimism continues to grow among investors and traders when it comes to riskier assets, and this is mainly affecting the price of stocks and bitcoin.”

However, he stressed that he believes Bitcoin “is the currency of the future and if someone were willing to buy Bitcoin at $68,000 then he or she must be happy to see a bargain like today’s.”

Mr Aslam added: “Smart money and other institutions will certainly benefit from the current price action and are likely to grab a great bargain.”

Kraken Intelligence, in its Crypto-in-Review 2021 report, made available to Express.co.uk, noted that the asset “is well known for throwing a few curveballs each year as the asset class is very volatile.” is”.

They added, “However, if you look at BTC’s historical volatility, you will see that it has a long history of approaching, if not exceeding, 100 percent annualized volatility.

“Anyway, it should be noted that volatility continues to trend lower over time as illustrated by the 1-year moving average as BTC becomes an increasingly mature asset.

“While we can certainly expect fireworks in 2022, it’s fair to argue that 2022 overall will most likely not be as volatile as previous years. But that doesn’t mean you shouldn’t be prepared for explosive moves in the new year.”

The Merchant Cash Advance analysis provided to Express.co.uk also revealed that Bitcoin was the most popular cryptocurrency in 2021 with 368,000 monthly searches.

Using a baseline of cryptocurrencies and Semrush to analyze global search volume to determine the most popular form of cryptocurrency, analysts found that Shiba Inu is the second most searched with 135,000 searches.