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Digital currency Bitcoin extends fall with more than 3% drop

By Adrian Holliday

07:52, 29 December 2021

Collage of crypto coins with morning sun backdrop
Bitcoin would end its run in 2021 substantially up – Photo: Shutterstock

Though well above its 1 January 2021 valuation of $29,400, bitcoin saw more price pressure overnight. At around 07:00 GMT the crypto was valued at $47,772, down from $49,315, 24 hours earlier – a 3.19% slump.

The main top ten fallers in the last 24 hours are solana, terra and polkadot, taking 7.96%, 7.14% and 4.1% falls. In the top 20, only fantom and tron have seen 24-hour gains, up 6.2% and 0.77% respectively.  

Yesterday reported that rising transaction costs are worming their way into valuations. While bitcoin reached an all-time high of close to $69,000 in November it has since seen a 30% deterioration in value.

Heightened scrutiny

Global regulators continue to warn about investor protection, market integrity and anxiety that cryptos have little fundamental value.


63,816.45 Price
-1.140% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


383.70 Price
+1.380% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50


0.12 Price
-2.940% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872


0.58 Price
-8.880% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

The 12-month gains look stellar, however, in some cases. Bitcoin was trading at close to $29,400 at the start of 2021 while ether, valued at $730 on 1 January, is now valued at $3,796 – a 420% rise. By any standards, a pretty good year.

But this is dwarfed by solana, which traded at around $1.52 at the start of the year. It’s now worth $176.74. An 11,544% rise.

Recently Twitter founder Jack Dorsey predicted that bitcoin, in time, will replace the US dollar. 

Read more: Crypto turns green ahead of New Year, polkadot rises most 

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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