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24 Hrs Crypto Update, Dec 15: Global Crypto Market Drops Significantly

  • The global crypto market has experienced a significant drop.

  • The crypto market again shows a correlation with the US equity market.

  • The prices of BTC, ETH, XRP, and DOGE show losses in the last 24 hours.

16-Dec-2022 By: Sudeep Saxena
24 Hrs Crypto Update

The broader crypto market changed its momentum and shows 

Losses in the last 24 hours due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, DogeCoin, and Cardano are trading in the red.

At the time of writing, the global cryptocurrency market cap drops 2.9% in the last 24 hours to $0.884 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $43.98 billion.

The crypto market leader, Bitcoin price is currently trading at $17,407. This follows a 2.25% decrease in the last 24 hours. As a result, its market capitalization stands at $334.82 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,272.6, which decreased by 2.69% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Cardano (ADA) has decreased by 2.54% in the last 24 hours. ADA is currently ranked 9th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of ADA was trading at $0.3006. 

In addition, the price of XRP decreased by 1.95% in the last 24 hours. XRP is currently ranked 6th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of XRP was trading at $0.3787.

Meanwhile, Shiba Inu (SHIB) continues to gain traction among cryptocurrency traders and influencers. It increased by 1.5% in the last 24 hours and is currently trading at $0.00000894.

What Turns Crypto Market bearish?

The global crypto market turns bearish because of the massive movement of large whales. As per reports, following a brief surge, the whales became active and began dumping assets at higher prices, assisting the market in regaining a bearish momentum.

Furthermore, the US equity market also shows losses in yesterday’s (Dec 15) trading session, indicating a correlation between the two markets. 

Major Events Around the World
  • Microsoft has updated its policy terms to make it clear that using its internet services for cryptocurrency mining is not permitted without permission. All users, including Microsoft's premium subscribers, are eligible for the upgrade, which became effective in December.

  • According to a Financial Times report, France is under mounting pressure to address gaps in its crypto regulations. The reports noted that Senator Hervé Maurey of the Finance Commission is apparently planning to amend the existing crypto regulation. 

COINGABBAR Views: If the current trend continues, the market will fall further. The volatility trend in the market has persisted for some time and appears to be continuing, as indicated by the current influx.

Read also: Will FED Rate Increase cause pain in the Economy?

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