‘Be On Guard’—Black Friday Crypto Price Crash Wipes Billions From Bitcoin, Ethereum, BNB, Solana, Cardano, XRP And Dogecoin - Aliens: AI Crypto News & Markets Updates

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‘Be On Guard’—Black Friday Crypto Price Crash Wipes Billions From Bitcoin, Ethereum, BNB, Solana, Cardano, XRP And Dogecoin

PublisherPublisher
Forbes

Fri, Nov 26, 2021

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Bitcoin and cryptocurrency prices have fallen sharply as the discount shopping event Black Friday kicks off, dropping along with stock markets around the world that have fallen on fresh fears over a new Covid-19 variant.

Helping you understand the world of bitcoin and crypto, every weekday "With increased equity market volatility, crypto investors should be on guard," Alex Kuptsikevich, FxPro senior market analyst, said in emailed comments.

He warned the bitcoin price is vulnerable to broad market movements partly due to recent institutional investment that can have a knock-on effect on smaller cryptocurrencies including ethereum, Binance's BNB, solana, cardano, Ripple's XRP and dogecoin "Because of the institutional love affair, bitcoin is substantially vulnerable to moments of exit from risky assets when it sells off everything, regardless of the outlook.

"The crypto market has been hit by a temporary sell-off that mirrors that of the global stock market amid concerns about a new Covid-19 variant that’s been discovered in southern Africa," crypto investor and deVere Group chief executive Nigel Green said in emailed comments.

"This [bitcoin price crash] will be short-lived, with crypto markets likely to rebound in the near-term as investors once again focus on the heightening global inflation fears," added Green.

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