Crypto Market Crash December 2021 | Bitcoin drops as COVID impacts High profit coin network

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The bears have foiled Bitcoin’s latest attempt to reclaim the $60,000 benchmark, as the flagship cryptocurrency has plunged to its lowest levels since the second week of October.

For the first time in several days, Bitcoin surpased $59,000 on Thursday night. After a hefty $5,000 red daily candle, attempts to beat the resistance ended in a retreat. Bitcoin and the rest of the crypto market suffered huge losses within an hour, with liquidations reaching over $300 million. In the 24-hour period prior to publication, Bitcoin had fallen to a low of $54,500, trading at $55,000.

There are reports that a new mutation of COVID-19 may be responsible for the latest market crash. In the hour following the announcement, Bitcoin lost more than $3,000 in value.

Bitcoin’s fall was not well received by several altcoins. In the case of Ethereum, the price is currently hovering around $4,000, a 5% drop daily. Similarly, Solana, Polkadot, Ripple, Dogecoin, Avalanche, and CRO have also lost substantial chunks of value – between 9% and 15% on a 24-hour candle.

As for liquidations, on-chain data shows that more than $300 million was wiped away within an hour and over $600 million on a daily scale.

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Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.