After briefly staying above the $17,000 mark earlier in the day, the Bitcoin price dropped around 0.8% to $16,940. In the last 24 hours, it rose as high as $17,412 before dropping. The price of BTC was well below its 200-day average. At the time of writing, BTC is changing hands at $17,035.
BTC/USD 4-hour chart | Source: TradingView
FTX Fallout Hits Maple Finance; Bitcoin Price Declines
Tuesday morning trading in Asia saw Bitcoin fall below $17,000 as Ether and most of the top 10 non-stablecoin cryptocurrencies lost momentum. Another American indication revealed that inflation was still a risk to the economy at the time of the retreat. In contrast to the general trend, Litecoin continued to gain from its partnership with MoneyGram International Inc.
Inching up 4% to $80.22, Litecoin. Litecoin gained more than 47% in November after peer-to-peer payments operator MoneyGram International Inc. started supporting the token alongside Bitcoin and Ether. The broader market has lost ground this month due to the FTX.com bankruptcy.
Leading meme coin Dogecoin led losses, sliding 2.8% to $0.101, while Shiba Inu was the only other token to increase, increasing 0.7% to $0.000009422. While trade volume increased 34.4% to $41.2 billion, the overall crypto market cap decreased 0.7% to $852 billion.
According to the Institute for Supply Management’s (ISM) monthly survey, the activity level of the US services sector was 56.5% in November. Several 50% or higher indicates that the economy is expanding, whereas a reading of 55% is considered extremely strong and causes inflationary concerns.
Jerome Powell, the chairman of the U.S. Federal Reserve, suggested last week that the central bank would start to slow the rate of an interest rate increase. Still, the ISM data released on Monday and the robust job numbers for November have dampened investor expectations.