Major cryptocurrencies Bitcoin and Ethereum witness selling trend this year

Major cryptocurrencies Bitcoin and Ethereum witness selling trend this year

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Across 2021, trade pressure on Bitcoin and Ethereum was felt in Asia. Even though the American market was not active enough, their market downturn persisted in Asia.

According to research, Bitcoin (BTC) and Ethereum (ETH) faced significant trade pressure in Asia in 2021. However, when the crypto markets in America were not active enough, the market flow of BTC and ETH continued in Asia.

Furthermore, the crypto market fell as the regular market failed to notice China’s interest rate cut. The 60 percent and 420 percent year-to-date increases in Bitcoin and Ethereum, respectively, occurred between 8:00 AM and 6:00 PM New York time, according to the article.

Furthermore, as the US Federal Reserve and central banks began to withdraw the liquidity-boosting push for inflation, BTC and ETH price moves forced the entire crypto market into a negative pattern.

In Asia, the price of Bitcoin fell by more than 30% as a massive selloff dominated during Asian hours.

Despite the People’s Bank of China’s (PBOC) efforts to arrest the market’s downward trajectory, the BTC market fell sharply.

In the last 24 hours, the overall crypto market capitalization around the world has dropped by 0.21 percent to $2.19 trillion.

Bitcoin is currently trading at $45,784.73 with a market capitalization of over $865 billion, while Ethereum is trading at $3,768.71 with a market capitalization of $449,496,045,397. Many believe that the cryptos’ falls are due to the impact of COVID-19 and the newly discovered Omicron, which is causing a stir around the world.

Over the last 24 hours, the total cryptocurrency trade volume was almost $78 billion, down 0.36 percent. Stablecoins ($60.6 billion) accounted for 77.66 percent of the crypto market’s 24-hour market volume, while Decentralised Finance (DeFi) contributed for 13.62 percent, $10.6 billion of overall crypto volume.

The Reserve Bank of India (RBI) recently stated that it supports a total ban on cryptocurrencies, citing severe concerns about their impact on macroeconomic and financial stability, as well as exchange management.

The Bank of England has trouble gathering the necessary data on institutional crypto exposure and plans to speed up international negotiations on building a regulatory framework for digital assets.

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