The crypto market has continuously declined after crashing on December 3, 2021. The cryptocurrencies were seen rebounding yesterday; however, the effort was futile. Investors have been losing considerable investments due to the market’s volatility.
Impact on Major Coins
Bitcoin ($BTC), the largest cryptocurrency, saw a decline of 2.46% and traded at $48,182 at 8:53 a.m. ET. The market capitalization also fell by 2.46% and was $910 billion. Moreover, the trading volume dipped by 9.32% to $35.77 billion in the last 24 hours.
Ethereum ($ETH) also saw a significant decline of 4.46% in the past 24 hours and traded at $4,207 at 8:54 a.m. ET. The market capitalization fell by 4.45% to $447.8 billion. Further, the trading volume also fell largely by 15.40% to $23.6 billion.
Solana ($SOL) dipped by 6.42% in the last 24 hours and was priced at $182.67 at 8:54 a.m. ET. The market capitalization fell by 6.38% to $55.8 billion. However, the trading volume saw an increase of 13.2% to $3.7 billion.
Polygon ($MATIC), which had been surging last week, declined by 14.79% and traded at $1.83. The meme-frenzy cryptocurrencies, Shiba Inu and Dogecoin, fell by 9.09 and 5.04%, respectively. The coins traded at $0.000034 and 0.16, respectively.
Possible Reason
The U.S. House Committee of Financial Services has summoned the cryptocurrency exchanges for a hearing. the Chairwoman of the House Committee on Financial Services (Maxine Waters (D-CA), has scheduled a Congressional hearing on December 8, 2021, titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.”
For the first time, the crypto platform execs testify before Congress in the hearing. The witnesses include:
- Jeremy Allaire, CEO, Circle
- Sam Bankman-Fried, CEO, FTX
- Brian Brooks, CEO, Bitfury
- Chad Cascarilla, CEO, Paxos
- Denelle Dixon, CEO, Stellar Development Foundation
- Alesia Haas, CEO, Coinbase Inc. and CFO, Coinbase Global Inc.
Earlier on Wednesday, SEC’s Chair, Gensler, asked that crypto exchange platforms register with the SEC to minimize frauds and increase regulatory compliance.
The Recent Crypto Market Crash
The crypto market was crashing on December 3, 2021. All the major cryptocurrencies like Bitcoin, Ethereum, Solana were decreasing. The meme-frenzy digital currencies also declined massively, like Shiba Inu and Dogecoin.
Bitcoin ($BTC) was trading at $47,359.99 at 7:32 a.m. ET. It dropped by 16.89% and lost more than 9,000 in value. Moreover, Ethereum ($ETH) also dropped by a huge 14.43%, trading at $3,981.80 at 7:49 a.m. ET.
Meme cryptos, Shiba Inu ($SHIB) and Dogecoin ($DOGE) fell by 17.32% and 23.18% respectively. The coins traded at $0.000035 and $0.16, respectively. Further, Solana ($SOL) dipped by 18.99% and traded at $192.4.
