Bitcoin price: Top cryptocurrency prices today: Bitcoin continues to bleed; Terra gains 6%

Synopsis

The global crypto market cap was flat at $1.97 trillion compared to the last day. The total crypto market volume tanked about 23 per cent to $71.19 billion.

AFPThis week saw further weakness across all major cryptocurrencies, including Bitcoin and this selloff was indeed in continuation of early December weakness.New Delhi: The cryptocurrency market continued to slide over the weekend as expectations of an early rate hike from the Federal Reserve hurt investor sentiment. That said, on Monday, the digital token cart was seen recouping some losses.

As many as five out of the top-10 digital tokens were trading lower at 8.30 am IST, while the same number of tokens were trading higher. Bitcoin was trading in the red, whereas Terra zoomed 6 per cent.

The global crypto market cap was flat at $1.97 trillion compared to the last day. The total crypto market volume tanked about 23 per cent to $71.19 billion.
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Bitcoin extended its slide over the weekend as most speculative assets continued to be hit hard. The largest cryptocurrency by market value approached $40,000 for the first time since late September, bringing its losses since a peak just three months ago to about 42 per cent.

What’s cooking in India
Cryptocurrency companies have put forth several proposals for regulating cryptocurrency, ranging from making exchanges responsible for any money laundering or other regulatory concerns to differentiating between different exchanges based on their net worth and technology.

Some of the most popular cryptocurrency exchanges are starting to note what could be a troubling sign – individual investors are heeding to the industry mantra of “hold” and shying away from trading as the crash in digital-asset prices deepens.

Expert Take
Following a Chinese ban on Bitcoin mining in early 2021, the market took a big hit and some miners migrated to other nations such as Kazakhstan due to favourable factors like abundant energy, said WazirX Trade Desk.

“Due to protests in Kazakhstan, the government shut down the internet in the state, hitting the bitcoin miners hard and the hash rate dropped by 13.4 per cent, which was one of the factors responsible for the recent Bitcoin slump,” it added.

This event has introduced the miners to political risk and they are now looking towards countries with political stability. Miners had moved to Kazakhstan with old equipment and plan to move to other locations once the equipment becomes obsolete.

Global updates
For the true cryptocurrency believers, Bitcoin is the ultimate store of value, the most solid hedge against the rampant inflation manufactured by central banks and their money-printing.

To sceptics, the crypto world as a whole is a mirage whose massive run-up past $2 trillion was simply the speculative byproduct of the extraordinary amount of easy cash that’s been sloshing around in the global economy- a big bubble.

Kosovo, An European nation, seized hundreds of cryptocurrency mining machines and arrested one person in the tense ethnic-Serb majority north as the country suffered an energy crisis. Cryptocurrencies like Bitcoin are created through solving complex equations that consume enormous amounts of energy.

Pakistan’s Federal Investigation Agency said that it has issued a notice to Binance, a popular cryptocurrency exchange while investigating a multi-million dollar scam linked to fraudulent online investment mobile applications

Streamlining the NFTs
“We saw record-breaking sales volume of NFTs last week, and we could see a continuation of the bull run over the next couple of weeks. Retail money is flowing into NFTs since cryptocurrencies are currently facing a downtrend right now,” said Hitesh Malviya, Founder, Itsblockchain.


Tech View by Proassetz Exchange
This week saw further weakness across all major cryptocurrencies, including Bitcoin and this selloff was indeed in continuation of early December weakness.

BitcoinET CONTRIBUTORS
Prices are now trading below December low and in fact, most of the major momentum oscillators and trend-following indicators are not predicting any reversal of downtrend as yet. The $45,000 level will continue to serve as an important supply area (resistance) where BTC could be sold on rise.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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Updated: 01/12/2022 — 19:00

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