- The recent decline in the market has raised concerns about price trends among both experienced crypto investors and newcomers.
- The crypto market is known for its volatility and fluctuations. However, a sudden and widespread drop into negative territory has raised a series of questions.
- In particular, the crypto market fear and greed index, which was around 77 last week, has dropped to 68 this week, indicating a decrease in market confidence.
Bitcoin and cryptocurrencies are showing weakness in the last week of November: Why are prices in a downtrend? Current outlook!
Why Are Bitcoin and Cryptocurrencies Falling?
The recent decline in the market has raised concerns about price trends among both experienced crypto investors and newcomers. In particular, charts prepared for Bitcoin (BTC) and many altcoins are painted in alarming red tones, causing speculation and waves of concern within the crypto community. Understanding the reasons behind this decline is crucial for investors navigating these volatile waters. The market experienced strong gains in recent weeks, especially cryptocurrencies like Bitcoin reaching the highest level of the year last week.
However, the current week shows a loss of the positive movement seen in recent days. According to some experts, the latest market decline may be related to investors taking a cautious approach. In other words, investors seem to be evaluating which direction the market might take in the coming days.
Especially the crypto market fear and greed index, which was around 77 last week, has dropped to 68 this week, indicating a decrease in market confidence. However, the reading remained in the greed zone, indicating that the market could sustain the bullish run in the coming days.
Yesterday, Binance announced that it would delist some coins contributing to the market decline. The exchange stated that BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC) would be removed from the platform. The changes took effect on December 7th, and the following trading pairs were removed: BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT.
The delisting process appears to be due to factors such as decreased development activity, low trading volume, liquidity, unethical/fraudulent activities, or other factors stemming from negligence.
Market Prices
At the time of writing, the price of Tornado Cash has dropped by 50.76% in the last 24 hours, reaching $1.93. Binance claims to undergo regular audits to verify the compliance of crypto tokens with industry standards. Although no specific reason has been given for the delisting of Tornado Cash, it has been included among other tokens.
According to data, the current global crypto market cap is $1.46 trillion, showing a 1.55% decrease from the previous day and a 70.25% increase from a year ago. Bitcoin’s (BTC) market cap is currently $724 billion, indicating a dominance of 49.71%.
The current price of Bitcoin (BTC) is $37,048, with a 24-hour trading volume of $17,314,176,560.32. This represents a 0.93% decrease in the last 24 hours and a 0.70% decrease in the last 7 days. The current price of Ethereum (ETH) is $2,013, with a 24-hour trading volume of $18,874,849,848.71. This represents a 1.75% decrease in the last 24 hours and a 0.39% increase in the last seven days.
The current price of BNB (BNB) is $226, with a 24-hour trading volume of $793,719,620.42. This represents a 1.46% decrease in the last 24 hours and a 12.21% decrease in the last 7 days. Additionally, meme coins showed a negative sentiment in a general downturn environment.
The price of Pepe coin on Tuesday dropped to $0.000001066, representing a 2.33% decrease and indicating the overall negative momentum in the crypto market. In the last thirty days, the crypto price has shown a decrease of over 12%. Meanwhile, trading volume decreased by 9.39% to $66.99 million compared to yesterday.
