Crypto crashes because of black Friday discount
Cryptocurrency prices are tanking this morning, with some of the biggest coins recording double-digit percentage drops as the global Black Friday discount shopping event gets underway and fears over a new Covid “variant of concern” spread. The combined crypto market has dropped under $2.5 trillion, down from a peak of around $3 trillion earlier this month.
24-hour crypto market snapshot
Bitcoin (-7%) $53,793
Ethereum (-10%) $3,959
Avalanche (-18%) $103.12
Cro (-19%) $0.6518
The bitcoin price is this morning off by over 7%, with ethereum down by 10%. Bitcoin is quickly falling towards $50,000 while ethereum has edged below the closely-watched $4,000 level. Bitcoin’s price fall comes amid a sharp dip in its hash rate, a measure of the computing power directed at the bitcoin network. Quantum Economic’s Jason Deane spotted the decline.
Fidelity Leaderboard
Ethereum rivals Binance’s BNB, solana, cardano and polkadot are all down by more than 10% with recent big gainers Crypto.com’s cro and avalanche down by almost 20% since this time yesterday.
Expect a lot of “buy the dip”-style advice from price boosters on Twitter and YouTube today and over the weekend amid claims of a crypto “Black Friday sale.”
Metaverses, the idea that we’ll all soon be living in a virtual world accessed via the likes of social media giant Facebook and VR headsets, could eventually create $1 trillion in annual revenue across the advertising, digital events, e-commerce and hardware industries, research from crypto investment company Grayscale has found.
It matters because as people’s lives move more online, digital scarcity, smart contracts and online ownership created through bitcoin, other cryptocurrencies, and non-fungible tokens (NFTs) will help form the foundations of the virtual economy. Video games are already embracing tokenization and Facebook’s rebrand under the Meta umbrella has kicked off a wave of interest in how digital assets will fit into the new virtual economy.
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