The global cryptocurrency market on Wednesday, December 8, saw a plunge again among profit bookings from investors after a market comeback the day before. The crypto market a day back had regained its momentum after falling constantly over the weekend, with all major coins suffering losses amid the Omicron variant scare.
The Omicron variant of Covid-19 has created a panic from investors across markets — from stock to crypto — and the result was visible in their plunging numbers. Bitcoin on Wednesday fell back below the $50,000 mark, prompted by profit booking from investors, according to data from global crypto tracking website CoinMarketCap.
The combined losses of the majority of the cryptocurrencies on Wednesday had an effect on the global market. The global cryptocurrency market on the day saw a sharp fall. The crypto market lost its value on the day and stood at 2.32 trillion. This was down by as much as 3.65 percent over the past 24 hours.
Ethereum has lost around 4 percent in the last week and is priced at around $4,400.
Solana and XRP have gained over 1 percent and 3 percent, respectively in the last 24 hours. Dogecoin and Polkadot have lost more than 1 percent in the same period. Terra has climbed 10 percent over the last day and 18 percent in the previous week.
The total crypto market volume over the last 24 hours stood at $104.09 billion when the article was being written, also seeing a steep plunge. This was down by 19.68 percent over the course of the last day, as fears regarding the Omicron variant again created a panic among traders.
As for major cryptocurrencies globally, Bitcoin declined marginally by 1.20 percent while Ethereum (Rs 3,49,556) rose by 1.47 percent. Cardano (Rs 109.39) fell by 0.09 percent. Avalanche (Rs 7,267.37) rose by 1.87 percent, Polkadot (Rs 2,326.97) fell by 0.82 percent and Litecoin (Rs 12,851.86) also tumbled by 0.44 percent over the last 24-hours.
Memecoins SHIB also shrank by around 0.43 percent while DOGE shrank by 0.43 percent. Bitcoin is currently trading at Rs 39,82,246.
In the US, the chief executive officers of half a dozen cryptocurrency firms, namely Circle CEO Jeremy Allaire, FTX CEO Sam Bankman-Fried, Bitfury CEO Brian Brooks, Paxos CEO Charles Cascarilla, Stellar Development Foundation CEO Denelle Dixon, and Coinbase Inc.
CEO Alesia Haas appeared before Congress for a five-hour session as lawmakers and the cryptocurrency industry deliberated to regulate and bring the more than $2 trillion market under government scrutiny.
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