Crypto Market Drops 6%, Bitcoin Slides Below $17,000

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The wider cryptocurrency market has been under intense selling pressure, with the market falling by 6% over the last 24 hours and losing $50 Billion. Bitcoin (BTC), which has fallen below its critical support of $17,000, has also dropped by 4.5%. The recent BTC price fall has seen it lose all of its weekly gains and now is in negative territory.
Altcoins, on the other hand have seen steeper declines as fears grow that the digital market will still face further pain. Binance’s developments have kept crypto investors on edge. Friday, December 16th, the Mazars Group, Binance auditor for Proof of-Reserves, cut all ties with the exchange.

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Investors are also feeling this negative sentiment. The recent drop in crypto markets follows the sharp correction on Wall Street. Dow Jones (INDEXDJX :.DJI), ended Friday with another 1% loss. This price drop is due to the Federal Reserve’s aggressive tightening.
Fairlead Strategies Senior Analyst Will Tamplin believes Bitcoin is now at risk of falling to its November lows, $15,700.
Altcoins see a greater fall than Bitcoin
Altcoins have experienced a greater drop than Bitcoin. The second-largest crypto Ethereum (ETH), has fallen more than 7.5%, moving below the $1,200 mark.
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Many other top-ten altcoins face double-digit percentage losses. Altcoins such as Binance Coin (BNB), Dogecoin(DOGE), Polygon [MATIC], Cardano (ADA), Polygon (MATIC), Polygon (MATIC), and Polygon (MATIC) have seen a dramatic drop of 10-15%.
The collapse contagion has already reached other crypto firms, with crypto lenders such as Genesis finding themselves in trouble again. Experts believe that the contagion could spread further into the market. Noelle Acheson, author the newsletter “Crypto is Macro Now”, wrote that there may be some bad contagion news. However, most investors who had planned to sell have already done so.

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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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