Bitcoin Price Drop: On Saturday, January 22, the bitcoin price dropped to $35,000. It was the second day in a row that the price of bitcoin fell sharply, hitting its lowest level in nearly six months. According to data from crypto tracking website CoinMarketCap, at 1155 IST, when this article was being written, the largest cryptocurrency in the word was priced at $35,840.36. This was a decline of 7.85 per cent in the last 24 hours. The data shows that the price of bitcoin has fallen by up to 16.52 percent in the last seven days. As a result, the global cryptocurrency market capitalization also suffered huge losses, in a bloodbath that did not end for the industry.
This was the third time in this month that bitcoin prices There is a decline below the $40,000 level. For the world’s largest cryptocurrency, 2022 has proved to be a year of steady decline so far. According to reports, the price of bitcoin has fallen by more than 14 percent since the beginning of this year. cryptocurrency The coin has been valued at over $1 trillion since its all-time high of nearly $69,000 in November last year. It has lost about 45 per cent since its peak.
Ether prices also fell heavily that day. According to CoinMarketCap, the altcoin fell 12.50 percent over the past 24 hours to $2,503.74 on January 22nd. According to the data, Ether prices have fallen by about 25 per cent in the last seven days.
Not just bitcoin and ether, all major cryptocurrencies suffered major losses on Saturday. The Memecoin Shiba Inu is down 18.76 percent over the past 24 hours, which is now priced at $0.00002092. Dogecoin has also lost 11.23 percent in the last one day.
The recession in the cryptocurrency world was triggered by the latest decision by the US Federal Reserve to tighten monetary policy at a faster pace than expected. Amid the less seriousness of the Omicron version and central banks’ efforts to normalize the economy, the US Federal Reserve could raise rates three times this year, a Reuters poll suggested. It was also combined with other parameters. The emergence of the Omicron variant has kept investors away from investing in riskier assets since last year.
In addition, China’s crackdown on cryptocurrencies, and Russia’s recent similar intent, could also be factors that have caused bitcoin to continue to lose its value. China has banned cryptocurrency mining in the Sichuan Valley, which has had an adverse effect on the market.
Top 10 Cryptocurrency Prices in the Last 24 Hours (According to CoinMarketCap Data)
Bitcoin: $35,840.36 – down 7.85 percent
Ether: $2,503.74 – down 12.50 percent
Tether: $1.00 – 0.03 percent drop
BNB: $363.39 – down 15.42 percent
US dollar coin: $0.99994 – 0.04 percent drop
Cardano: $1.07 – 12.86 percent drop
Solana: $102.34 — down 17.86 percent
XRP: $0.6163 – down 10.47 percent
Terra: $59.30 – 23.98 percent drop
Dogecoin: $0.135 – 11.23 percent drop
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