INSUBCONTINENT EXCLUSIVE:
The broad sell off in cryptocurrencies also saw ether, plunge more than 10 per cent.Bitcoin shed a fifth of its value on Saturday as a
combination of profit-taking and macro-economic concerns triggered nearly a billion dollars worth of selling across cryptocurrencies
It fell as low as $41,967.5 during the session, taking total losses for the day to 22 per cent.The broad selloff in cryptocurrencies also
saw ether, the coin linked to the ethereum blockchain network, plunge more than 10 per cent.Based on cryptocurrency data platform Coingecko,
That value had briefly crossed $3 trillion last month, when bitcoin hit a record $69,000.The plunge follows a volatile week for financial
Global equities and benchmark United States bond yields tumbled on Friday after data showed United States job growth slowed in November
and the Omicron variant of the coronavirus kept investors on edge.Justin d'Anethan, Hong Kong-based head of exchange sales at cryptocurrency
exchange EQONEX, said he had been watching the increase in leverage ratios across the cryptocurrency markets as well how large holders had
been moving their coins from wallets to exchanges
The latter is usually a sign of intent to sell."Whales in the crypto space seem to have transferred coins to trading venue, taken advantage
of a bullish bias and leverage from retail traders, to then push prices down," he said.The selloff also comes ahead of testimony by
executives from eight major cryptocurrency firms, including Coinbase Global CFO Alesia Haas and FTX Trading CEO Sam Bankman-Fried, before
the United States House Financial Services Committee on Dec
8.The hearing marks the first time major players in the crypto markets will testify before United States lawmakers, as policymakers grapple
with the implications of cryptocurrencies and how to best regulate them.Last week, the United States Securities and Exchange Commission
(SEC) rejected a second spot-bitcoin exchange-traded fund proposal from WisdomTree.Data from another platform Coinglass showed nearly $1
billion worth of cryptocurrencies had been liquidated over the past 24 hours, with the bulk being on digital exchange Bitfinex."If anything,
this is the opportunity to buy the dip for many investors who might have previously felt like they missed the boat
We can see tether bought at a premium, suggesting people are getting cash ready, within the crypto space, to do just that," D'Anethan said,
referring to the biggest stablecoin in the cryptocurrency world.A plunge in bitcoin funding rates -- the cost of holding bitcoin via
