Bitcoin fell $ 3,000, leading altcoins lost about 20%
On the morning of November 26, the bitcoin rate began to decline sharply. In a few hours, the first cryptocurrency lost $ 2,000 and, after a short consolidation, the decline continued.
Following Bitcoin, the rest of the cryptocurrency market began to fall. Many of the top altcoins have already lost more than 20%, with XRP hitting the hardest hit, gaining nearly 80% over the past week.
As Ki Young Ju, CEO of analyst firm CryptoQuant, noted, the fall of the first cryptocurrency was preceded by a significant influx of BTC to cryptocurrency exchanges. This suggests that bitcoin traders and holders have decided to sell their holdings. At the same time, Yong Joo believes, in the long term, the pressure from buyers is still stronger.
The trigger for today’s collapse in the cryptocurrency market, in addition to expectations of an already overdue correction, could be the opening of the withdrawal of cryptocurrencies from the OKex exchange. Traders could not withdraw assets from this Chinese exchange for more than a month, and now, having received such an opportunity, many are in a hurry to sell them at a price very high compared to mid-October and withdraw money from the exchange. The fall in prices began several hours earlier than OKex traders had access to the withdrawal of assets, but this event was announced a week ago and the market reaction was quite expected.
At the time of the publication of the news, BTC is trading at about $ 17,200, although for a short time the bitcoin rate fell below $ 16,400.
This behavior of the first cryptocurrency affected the entire market. Most altcoins suffer noticeably large losses. If the BTC rate fell by 12%, then XRP fell immediately by 24.4% to $ 0.51. Ether fell 16.4% to $ 498. The fall in BCH, LINK and ADA is close to 20%. In the top twenty cryptocurrencies by capitalization, all assets, except for stablecoins, decreased significantly more than BTC.
Interestingly, the analytical company Glassnode, just 12 hours before the fall in the BTC rate, reported that the number of bitcoin “whales” had reached an all-time high.