On Friday, the price of bitcoin fell below $40,000 for the second time in this month
According to CoinMarketCap, bitcoin fell by 7.51 percent in the last 24 hours to $38,838.04 at 1150 hours IST
- Last Update:21 January 2022 at 12:16 pm IST
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On Friday, the price of bitcoin fell below $40,000 for the second time in this month. According to CoinMarketCap, the world’s largest cryptocurrency fell by 7.51 percent in the last 24 hours to $38,838.04 at 1150 hours IST. The recent drop in the cryptocurrency market dragged bitcoin to a more than five-month low. The cryptocurrency token has lost nearly $1 trillion in value since its all-time high of nearly $69,000 in November last year.
The slowdown in the cryptocurrency world was prompted by the latest decision by the US Federal Reserve to tighten monetary policy at a faster-than-expected pace. Amid the less seriousness of the Omicron version and the central bank’s effort to normalize the economy, the US Federal Reserve could raise rates three times this year, a Reuters poll suggested.
“Bitcoin gave a breakout below this range earlier this month and began to move down by forming a ‘lower top lower bottom’ pattern forming a low of $39,650. The asset has recovered from the $39,600 (September low from where it rallied earlier). started) and showing signs of recovery. Currently, the asset is forming a series of smaller ‘DOJI’ candles with low volume indicating indecision. Below $39,500 A breakout of ₹35,000 will lead to further downside and the price may drop towards the $35,000 level,” said ZebPay Trade Desk.
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