Cryptocurrencies and bitcoin prices collapse dramatically

Cryptocurrencies and bitcoin prices collapse dramatically. Credit: Pixabay

Cryptocurrencies and bitcoin prices collapse dramatically

According to the Coindesk portal, today, Saturday, December 4, the price of bitcoin and the main digital currencies fell dramatically in a matter of hours.

Bitcoin fell to $42,019 (€37,138.71), for the first time since September, when the impressive ‘rally’ began that raised its price to new all-time highs. The bitcoin situation led to a broader drop in the cryptocurrency markets. Ethereum contracted more than 14 per cent, Solana, Cardano, and XPR lost more than 18 per cent, while other assets fell more than 20 per cent.

Sales in the market triggered an impressive number of stop-loss orders, a loss prevention tool. Laurent Kssis, director of CEC Capital and digital currency expert, commented, “So far, I have seen more than 4,000 bitcoins sold that pushed the market abruptly down”.

This fall in digital currencies comes as a result of the uncertainty caused by the spread of the omicron variant of the coronavirus. It has already been detected in 38 countries, as well as the growing concern of the Federal Reserve Board about the problem of inflation.

Despite this, there were actors who tried to take advantage of the situation to “buy the fall”. For example, Nayib Bukele, the president of El Salvador, whose country has digital currency as its official currency, announced today, Saturday 4, another purchase of 150 bitcoins for approximately $48,670 (€43,016.61) each.

So far, the price of bitcoin has climbed back up to $46,777 (€41,343.50), which represents a drop of more than 18 per cent in the last 24 hours, as reported by actualidad.rt.com.

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Written by

Chris King

Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at [email protected]

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