Total cryptocurrency market liquidations from Black Friday dump reached $ 770 million, according to the previous day The data by Coinglass.
Bitcoin led the way, with around $ 217 million, or 4,000 bitcoins, liquidated in the past day. Ethereum was not far behind, selling just over $ 200 million, or roughly 50,000 ethers. Interestingly, next came GALA, which saw nearly $ 25 million in liquidations. These were followed by SAND and DOGE, both around $ 20 million, and DOT, SOL, MANA and XRP, all around $ 15 million.
Market falls amid coronavirus concerns
By the end of the week, Bitcoin fell 9.2% to $ 53,551, the lowest since October 10. Additionally, Ethereum has also fallen sharply recently, dropping 13% to its lowest level in a month.
Some say the emergence of a new, potentially vaccine-resistant variant of the coronavirus has prompted investors to part with riskier assets. So far, it has been detected in South Africa, Botswana and Hong Kong. Scientists believe that some unusual genetic combinations in the variant make it more transmissible or more able to evade immune responses.
“The spread of (the variant), in particular to other countries, could further weaken investor appetite”, noted Yuya Hasegawa of the Tokyo-based Bitbank Exchange. “The rise in BTC will likely be limited and the market should brace for further losses.”
Fall from high
These hits come after a period of higher engagement for the best cryptocurrencies. After surpassing $ 60,000, Bitcoin managed to hit its first new all-time high since the spring of October 20. Momentum kept it well above the $ 60,000 mark until it hit its current all-time high of $ 69,000 on November 10.
Meanwhile, with strong upward momentum throughout October, Ethereum was able to hit a new all-time high almost every other day in November, also hitting its latest high of just over $ 4,800. November 10. However, it is now on the decline. almost 20% since then.
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