Bitcoin Price Drops Due to Market Unrest in Asia

Following a happy Thanksgiving weekend, the crypto market awoke with grim news. Bitcoin fell in the early hours of the Asian trading day. This slump parallels the drop in Hong Kong and other equities markets as China's protest worsens.

Bitcoin fell 3% to $16,000 at 02:00 UTC on Monday, before rebounding somewhat. The same thing happened with large coins. Ethereum is down roughly 4%, while Solana, BNB, and Litecoin are down 7-9%. Despite the market crisis, meme master dogecoin is the lone survivor, rising nearly 8%.

The global market is now in turmoil as a result of large demonstrations in China. China residents are protesting around the country in response to the country's stringent COVID-19 legislation. The protest is spreading like wildfire, scaring investors around the world. Furthermore, this demonstration comes at a sensitive time for cryptocurrency markets. The present market is still struggling to recover from the FTX debacle, while public panic reaches hitherto unheard levels.

According to Reuters, protests are still taking place on university campuses and in eight cities. In addition, hundreds of protestors clashed with police in Shanghai. This is the most widespread manifestation of discontent with the administration since President Xi Jinping took office a decade ago.