The Bitcoin market stumbled on Friday, sending shock waves among many investors who lost their investment to the crypto community’s negative reaction to government’s policies across the world.
This recent decline in bitcoin value is experienced by various digital currencies, causing liquidations among various cryptocurrency exchanges, with reports stating that $715 million worth of cryptoassets owned by 185,480 traders liquidated.
Long position crypto holders are exiting the market, resulting to Binance exchange recording liquidation of $173 million, the most among exchanges, while Okez, which trade in Asia saw $170 million liquidated.
This followed the worth of bitcoin depreciating to $37,728.86 in the last 24hours, against its previous value of $43,488.27 – representing a decline of -13.2%, wiping off $5,759.41.
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While Ethereum was down -16% during the same period, to sell for $2,734.72, against previous high of $3,257.55 reported on Thursday – erasing over $500 from the asset’s cost.
United States, Russia, China, Nigeria crypto policies affecting market
Bitcoin and Ethereum’s decline path is the same story for other altcoins in the cryptocurrency market, as majority of them are responding negatively to the United States’ decision to raise yields rate and regulate some sessions of the market.
Aside from the U.S, China has also been doubling down on its clampdown on the crytoassets, banning crypto mining, to wipe off its control of two-thirds of all Bitcoin mining, before shutting down trading exchanges.
Russia is also weighing the option of restricting cryptocurrency trading from the country, believing that the digital currency is a threat against the Ruble and its control over monetary policy.
In Nigeria, the Central Bank has used its power over financial institutions to restrict trading of cryptocurrency after losing a court case to enforce its ban directive.
This has seen trading significantly diminish by 53.3%, from about six million beginning of Q3 2021 to two million in early November 2021.
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