Bitcoin and Ethereum incur heavy losses during the week as the market continues to decline


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The crypto market continued to slide on Friday, with Bitcoin, Ethereum, Solana and BNB all posting double-digit losses in the last 30 days.

Bitcoin is trading at $48,111 at the time of writing, down 25.9% over the last 30 days.

The largest cryptocurrency is down 30% from an all-time high of $69,044 one month ago, according to CoinGecko data.

Ethereum, the second largest cryptocurrency by market capitalization, has also fallen 15% in the last 30 days and is currently trading under the $4,000 level.

The altcoin market is also generally colored red.

Solana, the rival of Ethereum and the fifth largest cryptocurrency, is trading for $169, shedding 31% of its value in the last 30 days.

Other coins that have suffered huge losses in the past 30 days include Polkadot (down 43% in the last 30 days), Dogecoin (down 36% in the last 30 days).

What stands as the reason behind this huge drop in crypto market prices?

Yesterday, several press outlets reported that Chinese real estate developers Evergrande and Kaisa were unable to make bond payments in dollars, and stock prices generally fell for cryptocurrencies to follow due to the large number of institutional investors in the game.

Analyst and trader Alex Krueger told crypto market decline was also likely to be due to year-end profit taking.

And he said:

Think performance fees, bonuses, audits, sales, and tax losses

This is already happening.

It’s likely due to this as well, said Chris Trautner, a developer at the Bitcoin Cash project.

He added:

Prices always seem to drop before the end of the year.

Except for last year, an exceptional year when institutional investors piled into cryptocurrencies to beat inflation.

In 2018 and 2019, the price of bitcoin fell at the end of the year.

This may be due to people selling to buy gifts.

Whatever the reason for the price drop, could a cold winter in cryptocurrency be around the corner?

Read also:

Why may the Bitcoin rally continue and extend into 2022? 7 factors that may answer that you know

Michael Saylor from MicroStrategy: It’s Better to Sell $10 Trillion in Gold and Buy Bitcoin

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