Bitcoin’s Market Cap Falls Below $1 Trillion For The 1st Time Since Oct.

The cryptocurrency market-wide flash crash wipes off more than $400 billion in less than 24 hours.

Bitcoin Price Correction or Leverage Shakeout?

The leading cryptocurrency, Bitcoin (BTC), saw its market capitalization fall below $1 Trillion for the first time since July this year.

BTC is currently leading the market-wide price slump that has been ongoing for less than 24 hours now. BTC went from trading in the $57,000 range on Dec. 3. to briefly trading in the $42,800 range on Dec. 4, as per data from CoinMarketCap. The token currently exchanges hands for the price of about $48,00, 15% down from the price 24 hrs ago.

“Not sure if you guys remember, when #btc was around $3000 (about 2 years ago), every dip was accompanied with articles like “#bitcoin, used by drug lords, crashed again,” tweeted Changpeng Zhao, most commonly known as CZ, the CEO of Binance attempting to address the Fear, Uncertainty, and Doubt (FUD) that is prevalent in the market today. 

Source: CoinMarketCap

While the market is currently seeing a dip and loss in confidence, El Salvador has seen this as an opportunity and added more Bitcoin to their bags. The country’s president, Nayib Bukele, announced that the country bought 150 BTC at the average price of $48,670 on Nov. 4. Bukele added after making the purchase, “Missed the f***ing bottom by 7 minutes,” referring to the drop to the $42,800 range.

However, veteran gold investor Peter Schiff maintained his skepticism of the asset and government involvement in it. In response to Bukele’s tweet about the purchase, Schiff tweeted:

“There’s a lot more dips coming.  How much taxpayer money do you intend to waste?”

What is Bitcoin

Bitcoin is the first cryptocurrency to spring into existence in 2009 as a result of a whitepaper written by Satoshi Nakamoto that conceptualized the token and network in 2008. Since then, the token has grown to find a place in the portfolio of several eminent investors and has also earned the ‘Digital Gold’ referring to its utility as a store of value. 

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