Bitcoin prices fell to their lowest rates since October 13 on Tuesday evening, according to data sourced from CoinDesk – a New York-based news site specialising in cryptocurrencies – that cited a number of factors behind the crash. According to the website, Bitcoin’s value depreciated to $55,460.96 last evening, an additional 20 per cent slump from the all-time high of nearly $69,000 that it reached earlier on in November. However, as per digital currency analysts cited by Forbes, there seems to be no single factor driving the cryptocurrency crash this week, the phenomenon instead being caused by a multitude of factors ranging from “rising selling pressure, end of year profit-taking, as well as speculation”.

Cryptocurrency market remains in red

According to data sourced from crypto exchange WazirX, the digital currency market currently remains in red – with all the major ones such as Bitcoin, Ethereum, Solana, and Binance taking a price dip. While Ethereum fell by 0.86 per cent to trade at $4,167, Solana also dipped by 1.24 per cent to trade at $4,167. The so-called “memecoins” – Doge and SHIB – however, increased their values, though not by a lot; their growths were pegged by the crypto exchange at 0.30 per cent and 1.64 per cent, respectively.

Possible causes behind the cryptocurrency slump

As per John Iadeluca, the founder of multi-strategy fund Banz Capital, there’s been a movement of Bitcoin from extremely old wallets that has triggered rumours and apprehension from investors, leading to a potential drop in market price. “Observers
Source…