A significant support level of $21,000 was broken by the steep decline in the price of Bitcoin. Similarly, Ethereum dropped more than 2% and reached $1,566 to complete a 61.8% Fibonacci correction.
Asia on Monday saw declines in US stock futures, cryptocurrencies, and commodities following Beijing’s declaration that it has no intentions to alter its zero COVID-19 policy. However, robust Asian markets assisted in reducing the selling.
Risk assets dropped over the weekend, however, as health officials reaffirmed their dedication to using the “dynamic-clearing” strategy to deal with COVID cases as soon as they arise.
Early on November 7, major cryptocurrencies were trading in a mixed bag as the market valuation of all cryptocurrencies decreased by over 1% to $1.04 trillion from the previous day. The total volume of the cryptocurrency market decreased by less than 0.50% during the past day to $69.99 billion.
The entire volume in DeFi was $3.91 billion, or more over 5% of the cryptocurrency market’s 24-hour volume. Stablecoin activity was $63.75 billion, or 91% of the total 24-hour volume of the cryptocurrency market.
