Crypto On Nov. 22: Bitcoin, Ether, Meme Cryptos In Red, Solana Rises

Top crypto Bitcoin fell below $57,500 Monday as the week showed no signs of cryptocurrencies clawing back from the red. Most of the cryptocurrencies including Ethereum and meme coins Shiba Inu and Dogecoin added to their losses.

The global crypto market capitalization fell 2.13% in the last 24 hours to $2.58 trillion as of 3 a.m. ET, the CoinMarketCap data showed.

Bitcoin fell 2.82% in the last 24 hours to $57,442, while Ethereum slipped 3.72% to $4,179.68. This was a huge dip after both the top cryptos touched a record high on Nov. 9.

While there was no immediate single reason evident for the bloodbath, experts pointed to a number of factors driving Bitcoin's slide. The Securities and Exchange Commission (SEC) rejected a spot Bitcoin exchange-traded fund (ETF) early November, which would likely have seen billions of dollars pouring into the crypto market.

Another possible reason was the signing of the infrastructure bill, which contained tough reporting provisions for brokers, a term that critics said was ambiguously defined.

China's renewed warning against crypto mining in the country and the punishing of a local communist party official for helping miners was cited as another reason for the bearish sentiment.

Meme crypto Shiba Inu, after grabbing the attention of the investors, dipped 4.25% in the last 24 hours and was valued at $0.00004435. Its competitor coin Dogecoin also slid 2.75% to $0.2232.

Cardano slid 3.87% in the 24 hours while Polkadot dipped 2.31%.

Solana, on the other hand, rose 1.77% to $218.06.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.