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Bitcoin fell by $3,000 in a few hours, leading altcoins lost about 20%

Bitcoin fell by $3,000 in a few hours, leading altcoins lost about 20%

On the morning of November 26, the bitcoin exchange rate began to decline sharply. Within a few hours, the first cryptocurrency lost $2,000 and, after a short consolidation, the decline continued.

Following bitcoin, the rest of the cryptocurrency market also began to fall. Many leading altcoins have already lost more than 20%.XRP suffered the most from the correction, having gained almost 80% over the past week.

As noted
Ki Young Ju, CEO of the analytical firm CryptoQuant, said that the fall of the first cryptocurrency was preceded by a significant influx of BTC to cryptocurrency exchanges. This suggests that traders and bitcoin holders have decided to sell their stocks. At the same time, according to Yong Ju, in the long term, the pressure of buyers is still stronger.

The trigger for today’s collapse in the cryptocurrency market, in addition to the expectations of an already overdue correction, could be the opening of the withdrawal of cryptocurrencies from the OKEx exchange. Traders could not withdraw assets from this Chinese exchange for more than a month, and now, having received such an opportunity, many are rushing to sell them at a price very high compared to the middle of October, and withdraw money from the exchange. The fall in prices began a few hours earlier than OKEx traders had access to the withdrawal of assets, but this event was announced a week ago and the market reaction was quite expected.

At the time of publication of the news, BTC is trading around $17,200, although the bitcoin exchange rate briefly fell below $16,400.

This behavior of the first cryptocurrency affected the entire market. Most altcoins suffer noticeably large losses. If the BTC rate fell by 12%, then XRP fell immediately by 24.4% to $0.51. Ether fell by 16.4%, to $498. The drop in BCH, LINK, and ADA is close to 20%. In the top twenty cryptocurrencies by capitalization, all assets, except for stablecoins, declined significantly more than BTC.

Interestingly, the analytical company Glassnode just 12 hours before the fall of the BTC exchange rate reported that the number of “whales” of bitcoin reached a
historic high.