Bitcoin’s Market Cap Loses $264.28bn In 50 Days

The market capitalisation of bitcoin, the world’s most popular cryptocurrency, fell by $264.28bn in 50 days.

The market cap of BTC rose by $250.36bn in October to close at $1.16tn.

BTC rose to a high of $67,566.83 on November 8 but dropped to $56,942.14 on November 18, and continued to trade around the $50,000 mark for the rest of the month.

BTC closed trading at $57,005.43 in November, with a market cap of $1.08tn. It fell below $50,000 on December 4.

BTC later rebounded towards the $50,000 mark but the uptrend was short-lived as it has trading below the $50,000 since December 13. It closed at $46,880.28 with a market cap of $886.33bn on December 19.

In October, BTC’s resistance against China’s influence increased as the digital currency’s price stayed close to $60,000.

According to a report by CoinDesk, BTC has been reacting to some market shocks.

The report said the digital currency fell by 6.9 per cent in late 2021 after traders feared that Evergrande, was about to collapse, and after when Didi announced plans to delist from the New York Stock Exchange.