Sudden rout wiped US$400b from combined crypto market — report

KUALA LUMPUR : The sudden crypto price crash earlier this week wiped around US$400 billion (about RM1.67 trillion) from the combined crypto market, which last week touched a record high of around US$3 trillion.

Forbes on Tuesday (Nov 16) said Bitcoin and cryptocurrency prices had fallen sharply over the last 24 hours, with the Bitcoin price crashing under US$60,000 per Bitcoin.

It said other major cryptocurrencies, including Ethereum, Binance’s BNB, Solana, Cardano and Ripple’s XRP, had also fallen back — all losing between 7% and 10% of their value.

Quoting FxPro senior financial analyst Alex Kuptsikevch, Forbes said cryptocurrencies had experienced a sell-off, taking major cryptos below recent short-term support lines.

“A stronger US dollar against major currencies and a desire to lock in profits triggered a strong but relatively even sell-off overnight.

“The cryptocurrency market capitalisation collapsed 7.5% over the past 24 hours to US$2.66 trillion, breaking a long consolidation,” said Kuptsikevch.

Forbes said the sudden crypto price move lower came after Bitcoin saw its first major upgrade in four years over the weekend.

It said the Bitcoin price had climbed in the run-up to the long-awaited upgrade and within touching distance of US$70,000 per Bitcoin last week for the first time.

By : Surin Murugiah – THE EDGE MARKETS

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