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Bitcoin, Ethereum, Solana tumble 15%; $400 billion wiped out of crypto market cap

CryptocurrencyDec 04, 2021 03:45AM ET
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© Reuters. Bitcoin Falls 11% In Selloff

Investing.com - Bitcoin was trading at $47,465 by 01:30 (08:30 GMT) on the Investing.com Index on Saturday, down 16% on the day. It was the largest one-day percentage loss since September 7.

Also, Ethereum, Solana, Cardano and Ripple XRP plunge double digit percentages. The two meme tokens Dogecoin and Shiba Inu crashed as well.

Within minutes, Bitcoin went down by around $7,400 - a flash crash that is not that unusual in the volatile world of cryptocurrencies, but is still causing a stir.

The Alt coins also suffered heavy losses.

Ethereum (-13.3%), Binance Coin (-12.5%) and Solana (-16.3%) all posted double-digit percentage losses. In the wake of the sharp losses of the top 5 cryptocurrencies, Cardano (-17.5%), Ripple XRP (-21%), Polkadot (-21.5%) and Avalanche (-12.9%) also fell hard.

According to data from Coinglass (formerly Bybt), positions worth around $1.6 billion have been liquidated in the past four hours, around 40 percent of them in BTC.

77.7 percent of bitcoin closeouts in the past four hours were long. In total, positions valued at $2.5 billion were liquidated in the past 24 hours, of which approximately 85% were long positions.

The crypto market has lost a good $ 550 billion in market capitalization to just $1.88 trillion at around 7:20am GMT, before recovering to $2.2 trillion dollars at time of writing.

BTC fell as low as $42,587, its lowest level since September 30, clearing any stop losses that were just below the all-important 200-day moving average at $46,253 before recovering.

The move downwards pushed Bitcoin's market cap down to $896.13B, or 40.92% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $1,275.5B.

Bitcoin had traded in a range of $42,587.8 to $53,847.2 in the previous twenty-four hours.

Over the past seven days, Bitcoin has seen a drop in value, as it lost 13.32%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $58.8B or 26.87% of the total volume of all cryptocurrencies. It has traded in a range of $42,587.8 to $59,174.4492 in the past 7 days.

At its current price, Bitcoin is still down 31.2% from its all-time high of $68,990.63 set on November 10.

Elsewhere in cryptocurrency trading

Ethereum was last at $3952.97 on the Investing.com Index, down 13.3% on the day.

SHIBA INU was last at $0.0000358 on the Investing.com Index, down 14.1% on the day.

Binance Coin was trading at $543.33 on the Investing.com Index, a loss of 12.5%.

Ethereum's market cap was last at $467.4B or 20.3% of the total cryptocurrency market cap, while Binance Coin's market cap totaled $90.4B or 4.00% of the total cryptocurrency market value.

Bitcoin, Ethereum, Solana tumble 15%; $400 billion wiped out of crypto market cap
 

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Comments (14)
William Bailey
William Bailey Dec 04, 2021 5:59PM ET
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Love it!! CryptoBlack hole to liquidity injections!! *******you Fed
Clay Douglass
Clay Douglass Dec 04, 2021 9:01AM ET
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they don't even mention doge..lol....
Brian Anderson
Brian Anderson Dec 04, 2021 8:04AM ET
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“Oh look honey, it’s another meeting of frustrated metals bulls/bugs who don’t have a clue about blockchain tech.”
Alex Malmstrom
Alex Malmstrom Dec 04, 2021 8:04AM ET
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Gold bugs are the worst, by far!
Miriam Morkhul
Miriam Morkhul Dec 04, 2021 7:52AM ET
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Step 1: pump it with words on social media (no stated reason what so ever as to WHY Bitcoin will be at 100 000usd). Step 2: lure in as many as you can. Step 3: sell into the bids (freeze/lock accounts of the small fish so they can't cash out).
Cass Riese
Cass Riese Dec 04, 2021 7:24AM ET
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Crypto changes the pattern. Here’s why. When the economy goes through a paradigm shift, the embodiment of capital changes-18th century capital: farm land- 19th century capital: factories, machines, gov bonds- 20th century capital: urban real estate, stocks- 21st century capital: digital 3.0 blockchain platforms and currency. Crypto will eat fiat.
Alex Malmstrom
Alex Malmstrom Dec 04, 2021 6:14AM ET
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The contemporary tulip mania continues.
Philip moneytrondoctor
moneytrondoctor Dec 04, 2021 5:47AM ET
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At least some positive news this weekend !
Ric Later
riclater211 Dec 04, 2021 5:09AM ET
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it's the big money cashing out for end of year profit. remember 85% of all crypto is owned by less than 50,000 wallets.
Victor Yakov
Victor Yakov Dec 04, 2021 5:09AM ET
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For what purpose? To pay more taxes?
Mart Bab
Rubberduck1973 Dec 04, 2021 5:02AM ET
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When it all finishes crashing, buy ripple, the only viable crypto currency. Buy only onder 0,2. The others will fail and ripple will emerge. Bitcoin this time is heading for The buttom
Mantas Bepavardis
Mantas Bepavardis Dec 04, 2021 5:02AM ET
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ok :D
Philip moneytrondoctor
moneytrondoctor Dec 04, 2021 5:02AM ET
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Why would I replace this trash by other trash?
Mart Bab
Rubberduck1973 Dec 04, 2021 4:58AM ET
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This is the era were in we realize we brought gambling to the stock market with crypto currencies
Empire Destroyer
Empire Destroyer Dec 04, 2021 4:58AM ET
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Only crypto currencies? Whole stock market is a gamble and house controls everything
Mart Bab
Rubberduck1973 Dec 04, 2021 4:57AM ET
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I though it was going to 140k. Hehehe. Fools gold.
Guzal Zakirova
Guzal Zakirova Dec 04, 2021 4:56AM ET
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We should pay attention to utility tokens as well as AIDT.io Utility token not depend on fluctuations as it using for internal payment purposes. It attracts with possibility of staking also.
Memet Awad
Memet Awad Dec 04, 2021 3:56AM ET
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red means buy
suhail ansari
suhail ansari Dec 04, 2021 3:56AM ET
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red means wait for zero
suhail ansari
suhail ansari Dec 04, 2021 3:56AM ET
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red means wait for zero
ARGANE RACHID
ARGANE RACHID Dec 04, 2021 3:04AM ET
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sell now before it go to 11000$
Show previous replies (3)
DaNu Da
DaNu Da Dec 04, 2021 3:04AM ET
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Perfect store of value will rega8n higher market cap
Cyriaque de Marcellus
Cyriaque de Marcellus Dec 04, 2021 3:04AM ET
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Lol
mysterious trader
mysterious trader Dec 04, 2021 3:04AM ET
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The fact that your comment got 10 thumbs up shows why Bitcoin is going down...way too many bulls
Benoit Bourguignon
Benoit Bourguignon Dec 04, 2021 3:04AM ET
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Just see it long term. Buy now if it continues its down trend, buy again anf do on to load your portfolio. Someday it will go higher than the all time highest. If it goes down its an opportunity to load your portfolio is how i see it. If you want quick returns than not. Depends on how you want to invest on crytpo.
Aleksandr Radchenko
Aleksandr Radchenko Dec 04, 2021 3:04AM ET
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Buy now before it go to 11000 lol
 
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