Bitcoin Plunges to $41,650 as Crypto Rout Continues
Amid many speculations about the future of cryptocurrencies in India, the worldwide crypto market value fell 14% to $2.34 trillion, but the entire crypto market volume increased 19.53 percent to $137.47 billion in the previous 24 hours, according to CoinGecko.com, a global crypto exchange.
Bitcoin fell to a low of $41,620, a loss of 22% in the past 24 hours. While writing this post, Bitcoin (BTC) was trading at $45,550, down 18% in the past 24 hours and 10% in the last two hours. Bitcoin prices have fallen 11% in the previous seven days, while the coin’s market domination has decreased to 39%, a decline of 2% in the last 24 hours.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, fell 14.8 percent in the previous 24 hours and was trading at $3,707. Binance Coin (BNB) lost more than 9.40 percent in the previous 24 hours to $528.11. Tether (USDT), the fourth-largest cryptocurrency by market capitalization, was trading at $1, down 0.02 percent. Solana (SOL) declined 19.3 percent in the past 24 hours and was trading at a price of $185.56 on coinmarketcap.com.
COXSWAP (COX) was the top gainer over the previous 24 hours, rising 756.79% to $0.00000009096. On the other side, Degem (DGM) suffered the largest 24-hour loss, plummeting 97.24 percent to $0.0006719. According to coinmarketcap.com, all significant meme currencies such as Dogecoin (DOGE), Shiba Inu (SHIB), Dogelon Mars (ELON), and Samoyedcoin (SAMO) have continued to plummet in the previous 24 hours.
Dogecoin, the most valuable meme currency by market capitalization, lost 18.60 percent in the previous 24 hours to $0.1694, while Shiba Inu fell 12.30 percent in the last 24 hours to $0.00003609 at 8 a.m. Dogelon Mars (ELON) was trading at $0.000001392, down 7.08 percent in the past 24 hours, while Samoyedcoin (SAMO) was trading at $0.06268 and down 0.94 percent in the last 24 hours, according to coinmarketcap.com.
Meanwhile, according to coinmarketcap.com, Euro Shiba Inu increased 72.43 percent in the previous 24 hours and was trading at $0.0000000003283. Elizabeth Warren, a former law professor and Massachusetts Democratic Party senator, published a letter she addressed to Jeff Kirt, CEO of New York bitcoin mining business Greenidge Generation Holdings, with Bloomberg on December 2. The letter expressed worry about the environment.
“Given bitcoin mining’s exceptionally high energy consumption and carbon emissions, mining activities at Greenidge and other facilities raise concerns about their effect on the global environment, local ecosystems, and consumer power prices,” Warren notes in his letter.
“Crypto mining has a significant environmental cost and increases consumer energy costs. Bitcoin alone uses the same amount of energy as the state of Washington. “I’m requesting information from the Bitcoin firm [Greenidge Generation] on its activities and environmental effect,” she said.