Markets appear to have been rattled by COVID protests in China. BlockFi’s bankruptcy announcement hasn’t helped either.

Bitcoin, Ethereum Slide Lower With Stocks Amid China Unrest, Crypto Contagion Fears

Bitcoin, Ethereum, and the wider digital asset market dipped Monday along with global stocks as investors seemingly spooked by uncertainty around China due to anti-lockdown protests sold risk assets. 

The largest digital asset was trading for $16,081 at the time of writing, according to CoinGecko—a 3% 24-hour drop. 

Ethereum was experiencing a bigger sell-off. The second-largest cryptocurrency by market cap was trading for $1,158, down nearly 5% in the past day. 

The large drop in price of the second-largest digital asset might be related to a whale moving 73,224 Ethereum, worth $85.7 million, to crypto exchange Binance, on-chain researcher Lookonchain said on Twitter Monday. 

Lookonchain said in its tweet that Ethereum could experience selling pressure. The price of ETH immediately dipped 0.3% following the tweet with investors seemingly panicked by the news—and continued to drop hours later.  

The whale who removed 84,131 $ETH ($101M) from Curve 3 days ago is transferring $ETH to #Binance.

He transferred a total of 73,224 $ETH ($85.7M) to #Binance, leaving 11,884 $ETH ($13.9M).

Watch out for selling pressure of $ETH!https://t.co/8KRdt8kopHhttps://t.co/voRXKZIhSF pic.twitter.com/7VYHFhlUQV

— Lookonchain (@lookonchain) November 28, 2022

But Matt Aaron, project lead at cielo.finance, which tracks on chain data, told Decrypt that despite the fact “we usually assume tokens sent to centralized exchanges are to sell,” the move by the ETH whale might be to stake Ethereum as “Binance offers ETH 2.0 staking.”

The crypto market also dipped following news that crypto lender BlockFi announced it was filing for bankruptcy. Decrypt first reported today that BlockFi, which lets users earn yield for depositing idle digital assets, would file for Chapter 11 bankruptcy protection.

A few hours later it made the official announcement, adding it would slash even more staff. The company had already cut its workforce by 20% in June. 

BlockFi is the latest in a long line of crypto companies to get hit with contagion following the collapse of crypto exchange FTX. 

And before the BlockFi news, the market was already rattled by uncertainty about China: the world’s second-largest economy has been hit by protests against the government’s zero Covid-19 policies, causing investors to shift risk assets; global stocks dropped when markets opened Monday. 

Bitcoin typically has followed the U.S. stock market this year: when traders shift equities, the price of crypto falls too. 

“The price of Bitcoin continues to be volatile in this uncertain environment of rising interest rates, increased geopolitical tensions, and amidst the blowups of various centralized exchanges and lenders in the broader cryptocurrency ecosystem,” lead analyst at Swan Bitcoin Sam Callahan told Decrypt.

Stay on top of crypto news, get daily updates in your inbox.

NEWS RELATED

Kate Ferdinand shows off growing baby bump after revealing she’s pregnant with second baby

KATE Ferdinand has shown off her growing baby bump after revealing she's expecting her second child. The former The Only Way Is Essex star took to her Instagram to pose in the mirror and reveal her growing belly. Kate showed off her baby bump in a new postCredit: Instagram ...

View more: Kate Ferdinand shows off growing baby bump after revealing she’s pregnant with second baby

The Masked Singer’s Joel Dommett signs up for new ‘high octane’ ITV game show

THE Masked Singer's Joel Dommett has signed up for a new 'high octane' ITV game show. The comedian turned TV presenter, 37, has landed another hosting gig for ITV1 and ITVX. Joel has landed another hosting gig for ITVCredit: ITV Speaking about the new show, Joel said he's “beyond ...

View more: The Masked Singer’s Joel Dommett signs up for new ‘high octane’ ITV game show

Actress Annie Wersching passes away from cancer at 45

Annie Wersching arrives at the FOX Winter All-Star Party in Pasadena, Calif., on Jan. 11, 2010. Chris Pizzello/AP hide caption toggle caption Chris Pizzello/AP Actor Annie Wersching, best known for playing FBI agent Renee Walker in the series “24” and providing the voice for Tess in the video game ...

View more: Actress Annie Wersching passes away from cancer at 45

Receptionist who thought she ‘might die’ at almost 18 stone aged 40 ‘gobsmacked’ after losing 42% of her body weight

A locum dental receptionist who thought she “might just die” around her 40th birthday because she was almost 18 stone said she was “gobsmacked” after losing nearly half her body weight and would encourage anyone who is on a weight loss journey to “just go for it”. Jo Stapley, ...

View more: Receptionist who thought she ‘might die’ at almost 18 stone aged 40 ‘gobsmacked’ after losing 42% of her body weight

Loose Women legend Kaye Adams gets her first tattoo to mark turning 60

LOOSE Women legend Kaye Adams has celebrated turning 60 by getting her first tattoo. The TV host filmed her visit to a tattoo parlour in her hometown of Glasgow and revealed it was a touching tribute to her late mum. Kaye Adams has got a tattoo tribute to her ...

View more: Loose Women legend Kaye Adams gets her first tattoo to mark turning 60

World Bank: Myanmar economy to grow 3%, dragged by conflict

World Bank: Myanmar economy to grow 3%, dragged by conflict World Bank economists say Myanmar's economy grew 3% last year and will likely achieve the same pace in 2023, but still lags far behind where it stood before the army seized power in early 2021 BANGKOK — Myanmar’s economy grew ...

View more: World Bank: Myanmar economy to grow 3%, dragged by conflict

Hard-up households handed extra time to apply for £300 free cash direct to bank account – can you get it?

STRUGGLING households have been handed extra time to apply for £300 in free cash to help with the cost of living. The money comes via the Household Support Fund (HSF) which is worth £421million. Households can get help via the Household Support FundCredit: Getty The money has been shared ...

View more: Hard-up households handed extra time to apply for £300 free cash direct to bank account – can you get it?

I flew to Turkey for a new set of teeth – trolls say I’m a Katie Price wannabe with piano tiles but I don’t care

A WOMAN has taken to social media to show off her new smile after she went abroad for a set of bright, white teeth.  The young woman named Nia, who posts on social media under the username @n1a.xxx, explained that she flew to Turkey for a set of crowns ...

View more: I flew to Turkey for a new set of teeth – trolls say I’m a Katie Price wannabe with piano tiles but I don’t care

Lateness matters, your honors: Judges must not violate court rules related to their campaigns

My car insurance costs me £150 a year extra due to ‘unfair’ rules – five ways to avoid the ‘poverty premium’

I’m a savvy shopper… the M&S bargains I swear by – it’s so much cheaper than you think

Love Island fans convinced Casa Amor is about to happen as Maya Jama reveals she’s heading back to the villa

I feel sorry for lost puppy Tommy Fury, he’s trying to figure out life and treated like runt of family, says Jake Paul

Jake Paul sticks by claim Molly-Mae has given birth and claims Tommy Fury will mentally struggle to fight him

Manifestantes “desactivan” gases lacrimógenos en Perú

Shoppers share their mega TK Maxx sales hauls as they nab yellow sticker bargains like 70p boots & £1.70 designer jeans

I’m a fashion expert and these styles of winter coats are making you look tacky – it’s bad news for quilted coat lovers

Dancing On Ice fans baffled as they spot something very different about Keith Lemon – did you notice?

The Princess of Wales writes an open letter ahead of a new campaign launch

Eight killed and five injured after gunmen open fire at nightclub leaving dancefloor ‘covered with blood’ in Mexico

OTHER NEWS