Chainlink and filecoin were hit the hardest in the market wipeout over the weekend as the uncertainity over the Omicron variant and the FED announcement are among the biggest drivers of the market pullback so let’s read more in today’s altcoin latest news.
After what was seen as a promising week, Bitcoin tanked on Friday as the price of the world’s biggest cryptocurrency dropped to $45,003 which marked a drop of 34.5% from the all-time high of $68,790 in November. It bounced back a little and now trades at $47,311 but that is a concerning 17.51% lower than it was a day ago according to the price index at CoinMarketcap. Bitcoin started last month on a bull run but the news of the new Omicron variant pulled the price drop and BTC and the wider market started recovering. Five days later, the prices offered another discount to holders.
SEMI-SHOCK: Fidelity launching a spot bitcoin ETF in Canada this week. Didn't know about this. Will easily be the biggest asset manager to date with a bitcoin ETF. pic.twitter.com/H2XJRBY3O6
— Eric Balchunas (@EricBalchunas) November 30, 2021
Ethereum’s losses were not quite as severe as BTC with the world’s second crypto being down 9% over the past day to over $4000 after starting a slow rise. On Saturday morning, each one of the top 20 coins by market cap except for stablecoins was double-digit percentages. Despite BTC and ETH, Chainlink and Filecoin were hit the hardest while DOT dropped by 18%, LTC by 19%. On Monday, we saw Jack Dorsey’s announcement that he resigned from his position of CEO of Twitter which sparked some speculation that he will now focus solely on Bitcoin and crypto. One day later, Square renamed itself Block but the stocks didn’t react well.
Boston-based asset management company Fidelity Investments launched a fifth Bitcoin ETF in Canada and now manages over $4 trillion worth of assets and hopes to become the biggest asset manager to date with a Bitcoin ETF. These tools track the price of the digital assets in real-time enabling investors to gain more exposure to crypto without taking the risks associated with purchasing and holding it. VanEck’s ETF tracks Bitcoin futures prices so, unlike spot-market ETFs, the asset manager is tied to contracts to purchase BTC in the future, making it an inaccessible investment product for the investors.
Dogecoin on the other hand dropped by 15% overnight and 15% in the past week when the network update stopped Binance customers from withdrawing their coins. Elon Musk immediately got into a spat with Binance CEO Changpeng Zhao but then Binance resumed DOGE withdrawals and initiated a giveaway.
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