Recently, a discovery was made by the scientist of Zimbabwe about the COVID-19 virus. The mutant has been spreading all across the globe, and because of this, the global ecosystem is shaking. Also, the stock market and the cryptocurrency market have experienced an enormous dip in commodity prices. The most expensive cryptocurrency on the market, Bitcoin reached its all-time high price of $69,000 in the same month. For more info visit the bitcoin code app platform
However, now it has dropped to $55,000 on Friday after discovering the new COVID-19 mutant virus. In the last week, bitcoin has not managed to get out of the spiral between $55,000 and $60,000. After eating the all-time high price of $69,000, it started to decline and reached below $55,000. It has been the worst situation for cryptocurrency currency investors for a few months.
The decrease in bitcoin prices was experienced just after the value reached an all-time high price of $69,000 on November 10. Some highly advanced experts believe that it is not just the COVID-19 strain because cryptocurrency prices are dropping. There are some other external factors behind these moments in the cryptocurrency market. The Yuan Pay Group – Official Trading Bot also said that different cryptocurrency experts would affect the market.
Apart from this, some leading multinational company owners like the CEO of Tesla or commenting against the cryptocurrency exchange lead the money to be removed from the market. Also, some other factors are into the game and leading to the change in prices of cryptocurrencies like bitcoin. On November 27, the cryptocurrency market was down by 7.92%, which is considered the impact of the new COVID strain.
In the last 24 hours, other assets also fell. When the bitcoin prices decreased by 7%, other cryptocurrencies like ethereum also experienced a dip in their prices by 8.88%. It was the data given by coin bass according to the time basis of 24 hours.
Also, Cardano’s price decreased by 10% in the last 24 hours, and it is the all-time low price for this cryptocurrency. Some other cryptocurrencies like DODE, XRP, and many more experience a decrease in their prices, and it has something to do with the pressure imposed by bitcoin. If you want to know about the reasons behind the scene, you are at the right place and keep reading the post to disclose them.
Worth of bitcoin today
On November 26, it was Friday, and bitcoin started to trade at 6.93% lower than the all-time high price in the last 24 hours, $54,369. However, towards the end of the day, the prices are declining further. It also experienced a slight increase in prices, but that did not remain for an extended period. After reaching a little bit of a higher price, it started to go down and reached below $55,000.
When the market was about to close, the bitcoin prices stood at $53,747, which was not the best price for the week. The prices of bitcoin started to decline right after increasing its all-time high price of $69,000. On November 18, 2021, bitcoin went down the mark of $60,000, and since then, it has been fluctuating between $58,000. On Sunday night, the price started to increase and reached the price of $59,914. However, it started to fall again towards the middle of the week.
The reason behind low prices
When the cryptocurrency prices increased, the investor expected that market capitalization would be around $1 trillion. Also, during the bullish phase, the bitcoin prices were about to reach $70,000. However, due to the volatile nature and uncertain future, the prices of bitcoin started to fall. It went as low as $55,000 today and also went lower.
The main reason behind the fall in bitcoins prices is the COVID crisis, which is about to approach due to the newly discovered strain. Also, some external factors like elimination from the economies of different countries and a ban on bitcoin’s trade are playing a pivotal role.
The prices for other cryptos in the market were also on their way down. In the United Kingdom, the FTS 800 was also decreased by 200 points today, and due to COVID restrictions, it experienced a 2.72% fall in its point. Also, Christmas is coming. Therefore, the authorities have got the responsibility to control the spread of coronavirus. The decrease in bitcoin prices in the last two weeks also represented a long-awaited pullback from the bitcoin investor. They wanted to check the strength of the support given to a higher threshold to stabilize risk factors.