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Bitcoin slumps up to 20% after Wall Street selloff
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SME Times News Bureau | 04 Dec, 2021
Bitcoin and other cryptocurrencies fell sharply Saturday, another sign
that investors were pulling back from riskier bets after this week's
stock-market selloff, MarketWatch reported.
Bitcoin, the
largest cryptocurrency by market value, was down 18 per cent at
$46,571.84 according to data from CoinDesk. It temporarily dipped to
$42,000 before bouncing back. Ether, the second-largest cryptocurrency,
was down close to 16 per cent, the report said.
The declines were
widespread across the crypto universe. Other widely traded
cryptocurrencies including Solana, Dogecoin and Shiba Inu coin lost more
than a fifth of their value.
Disquiet in the stock market over
the new Omicron variant of Covid-19 and the Federal Reserve's response
to inflation might have played a role, the report said.
Another
possible factor accelerating the bitcoin selloff was the unwinding of
heavily leveraged crypto derivatives, said Noelle Acheson, head of
market insights at cryptolender Genesis Global Trading. She pointed to a
large sell order that might have triggered margin calls and
liquidations for investors, the report added.
Higher rates make
holding speculative assets such as bitcoin less attractive. When the
Federal Reserve raised rates in 2017 and 2018, bitcoin prices fell
dramatically, referred to among crypto aficionados as a bitcoin winter.
The coin took off again during the pandemic. Bitcoin hit an all-time
high on November 9 of $67,802.
The price of bitcoin seesawed
later Saturday after El Salvador President Nayib Bukele, whose country
adopted bitcoin as a national currency in September, said in a Twitter
post that the country had bought 150 coins for an average of $48,670
each. "El Salvador just bought the dip!" he said. He later wrote that
the country had "Missed the f***ing bottom by 7 minutes," followed by a
laughing emoji, the report added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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