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Crypto crashed as Black Friday sales kicked off. The analyst urges investors to be on guard as Bitcoin price could affect the broader market.
It’s another Black Friday, an age-long event that is observed on the first day of the Christmas shopping season. On a day like this, companies make many special offers to customers, usually impressive discounts on prices of items. Remarkably, 2021’s black Friday sales seem to be a groundbreaking one in the crypto industry as the event sees a massive dip in the prices of cryptocurrencies.
BTC and Ether Falls Above 5% in 24 Hours
Analysis reveals that the price of the leading cryptocurrency, Bitcoin has fallen to its lowest since the beginning of the final quarter of 2021. At the time of writing, the coin is currently selling at $54,207.92 USD, a 7.66% dip in the last 24 hours.
The second-largest cryptocurrency, Ethereum, had reportedly followed the same trend with the price of the coin currently selling at $4,041.96 USD, hence Ether had fallen at about 9.53% in the last 24 hours.
More notably, the price crash had also extended to other cryptocurrencies like Binance‘s BNB, Solana, Cardano, XRP and Dogecoin. This has apparently wiped about $200 billion from the combined crypto market capitalization since the beginning of the week.
The sudden price dip experienced on this day is metaphorically a Black Friday discount sale for traders and investors in the crypto space. Hence, an opportunity for enthusiasts to acquire as much coin as possible alongside other items they would acquire on discounts for the Christmas celebration.
Analyst Warns: Bitcoin Price Will Affect the Broad Market Movements
Following a Forbes report today, A FxPro senior market analyst with the name Alex Kuptsikevich, had urged crypto investors to be on guard following his predictions on bitcoin price to be vulnerable to the broad market movement.
He warned that the falling trend in the price of bitcoin could have impacts on smaller cryptocurrencies.
Alex’s comment reads:
“Because of the institutional love affair, bitcoin is substantially vulnerable to moments of exit from risky assets when it sells off everything, regardless of the outlook. And its severe sell-off risks dragging the entire cryptocurrency market down with it.”
It appears that the analyst’s prediction is coming true as it has been observed that smaller cryptocurrencies are likely on the same train of price dip with bitcoin, as noted earlier.