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Bitcoin drops $3,000 as Binance restricts access to Chinese users
After several consecutive days of gains, Bitcoin fell by more than $3,000 today amid more negative news regarding China. Interestingly, the situation is slightly different for some altcoins – Binance Coin rose 15% in a day to a new multi-week high of over $460. Bitcoin Sheds $3,000 in a Day The Bitcoin price landscape has seemed very bullish over the last week or so. The asset jumped above $50,000 for the first time since early September and only continued to rise. This resulted in $55,000 being tapped and...
Bitcoin drops $3,000 as Binance restricts access to Chinese users
After several consecutive days of gains, Bitcoin fell by more than $3,000 today amid more negative news regarding China. Interestingly, the situation is slightly different for some altcoins – Binance Coin rose 15% in a day to a new multi-week high of over $460.
Bitcoin drops $3,000 in a day
The landscape surrounding Bitcoin price appeared to be very bullish over the last week or so. The asset jumped above $50,000 for the first time since early September and only continued to rise.
This resulted in $55,000 being tapped and later blowing up almost $58,000, which was the highest price level since mid-May. However, he failed to break through it and remained there for a while yesterday.
The situation changed in the last 24 hours as the asset fell below $54,000, shot back above $56,500 and then fell back to $54,500 hours ago. The latest price drop came amid reports that China’s largest social media – WeChat – had blocked users from browsing cryptocurrency exchanges.
So far, BTC has recovered and is currently above $55,000, but it is still down more than 4% on the day and its market cap is under $1.050 trillion.
BTCUSD. TradingView
BNB sees a double-digit spike
Most alternative coins have received today's retracement better than BTC. Ethereum has lost just 1% of its value in the last 24 hours and is at $3,460. There are similar price drops for Cardano, Ripple, Dogecoin and Luna.
In contrast, Solana, Polkadot, Uniswap, and Avalanche have seen some gains. SOL is up 2%, DOT is up 4.5%, UNI is up 3.2% and AVAX is up 5.5% to over $55.
Binance Coin is the strongest gainer on a daily basis. BNB is up 15% to $465, its highest level since early September.
BNB initially rose after the exchange behind the token announced a $1 billion fund to improve the BSC ecosystem. Binance taught today that OTC trading for Chinese users will be discontinued at the end of the year, and the coin is retraced before it went up again.
Overview of the cryptocurrency market. Quantify Crypto
Stacks (16%), PancakeSwap (14%) and Perpetual Protocol (10%) have also posted impressive gains in the last 24 hours. However, the crypto market cap has lost around $70 billion in a day and is well below $2.3 trillion.
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