What’s happening in the crypto world #01
Good evening, afternoon or morning, depending on where you are reading this. It’s Saturday, the 4th of November, and here’s the top news you need to know to stay up to date with crypto. It’s going to be a short one today because there is only one big thing happening right now…
The biggest sell-off in months
During the night from Friday, we saw Bitcoin drop 21% to nearly 42 000 USD, a price we haven’t seen since the beginning of October. It’s another decrease for Bitcoin that is in a down-trend since it hit a new all-time high of 69 000 USD on November 10th. Other cryptocurrencies followed a similar path, with Ethereum and Cardano 14% and 22% down, respectively. Only Terra, Celsius network, and a few others stayed unaffected by this sell-off.
There is never a correct answer to why the price of virtually any asset goes up or down. It can be caused by some bad news or just traders and whales playing with us. We can speculate that the reason for today’s decreases could be the new Omicron variant of COVID-19, which seems to be the most infectious type since the beginning of the pandemic. The omnipresent fear was in the traditional markets for days, so it was just a matter of time when it’ll come to the cryptomarkets. On the other hand, as I said, prices can move regardless of the news and the mayhem we experienced could have been just another correction without any particular reason.
The future
However, there’s a light at the end of the tunnel, since the markets seem to be recovering. Bitcoin is sitting on 49 500 USD by the time of writing and in the long-term, we are still in the bull market.
Another thing worth mentioning is the unexpected strength of Ethereum, which fell significantly less than Bitcoin and is just 15% from its all-time high. The price measured in BTC is at levels we haven’t seen since 2018 and the market capitalization is more than half of Bitcoin’s. So, there lies a question: Is the flippening in the sight?
Anyway, that’s pretty much it for today-it’s weekend and except for this, absolutely nothing is happening. Have a nice weekend and thank you for reading!
