Bitcoin Price and Ethereum Hold Crucial Support, Arweave Gains Over 35% In A Week
The Bitcoin price plunged sharply and broke below a major support level of $21,000. Likewise, Ethereum also lost over 2% to complete a 61.8% Fibonacci correction at $1,566.
After Beijing said it had no plans to change its zero COVID-19 policy, US stock futures, cryptocurrencies and commodities fell in Asia on Monday. However, resilient Asian markets helped mitigate the selling.
However, over the weekend, health officials reaffirmed their commitment to the "dynamic-clearing" approach to COVID cases as soon as they occur, which caused risk assets to fall.
Major cryptocurrencies were trading in a mixed bag early on November 7, as the global crypto market cap fell over 1% to $1.04 trillion on the previous day. Over the last 24 hours, overall crypto market volume fell less than 0.50% to $69.99 billion.
The overall volume in DeFi was $3.91 billion, accounting for over 5% of the total 24-hour volume in the crypto market. The entire volume of stablecoins was $63.75 billion, accounting for 91% of the overall 24-hour volume of the crypto market.
In the last 24 hours, the top performers were Litecoin (LTC), Polygon (MATIC), and Chiliz (CHZ). Overall, the bullish bias is a bit weaker as sellers have dominated the market.
Litecoin and Polygon have risen by more than 3% to $71.4 and $1.20, respectively. At the same time, CHZ has increased by about 0.5% to $0.27.
In the last 24 hours, Solana (SOL) has reversed and given up most of its gains, losing more than 10% to trade at $32.25. ImmutableX (IMX) has dropped more than 9% to around $0.6025, while Loopring (LRC) is down about 9% to $0.3370.
The current Bitcoin price is $20,892 and the 24-hour trading volume is $38 billion. Bitcoin lost over 1.5% during the Asian session. CoinMarketCap
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