Bitcoin Prices Fall: The prices of Bitcoin on Saturday, January 22, further fell to touch the $35,000 mark. This was the second day in a row when Bitcoin prices fell drastically, tumbling to its lowest in around six months. At 1155 IST, while this article was being written, the price of the word’s largest cryptocurrency stood at $35,840.36, according to data from crypto tracking website CoinMarketCap. This was a fall of 7.85 per cent over the last 24 hours. Over the past seven days, Bitcoin prices dropped as much as 16.52 per cent, data showed. The global cryptocurrency market capitalisation also suffered huge losses as a result, in a bloodbath that did not seem to end for the industry.
This was the third time in this month that Bitcoin prices have fallen below the $40,000 levels. For the world’s largest cryptocurrency, 2022 has as of now proven to be a year of constant decline. Bitcoin’s value has slumped more than 14 per cent since the beginning of this year, according to reports. The cryptocurrency token lost more than $1 trillion in value since its all-time high of nearly $69,000 in November last year. This was a loss of around 45 per cent since it touched its peak.
Ether prices, too, dropped drastically on the day. The altcoin tanked 12.50 per cent in the last 24 hours to hit $2,503.74 on January 22, according to CoinMarketCap. In the past seven days, Ether prices almost dropped 25 per cent, as per data.
Not only Bitcoin and Ether, all major cryprourrencies suffered major losses on Saturday. Memecoin Shiba Inu declined 18.76 per cent over the past 24 hours, priced at $0.00002092 now. Dogecoin also declined 11.23 per cent over the past day.
The slump in the cryptocurrency world was triggered by the latest decision of US Federal Reserve to tighten monetary policy at a faster pace than expected. Amid the low severity of the Omicron variant and central banks effort to revive the economy to normality, US Federal Reserve may raise rates three times this year, a Reuters poll suggested. This was coupled with other parameters as well. The emergence of the Omicron variant has kept investors away from investing in risky assets since last year.
Moreover, China’s crackdown on cryptocurrencies, and Russia’s recent intent of a similar nature may also be factors due to which Bitcoin is losing its value constantly. China has banned cryptocurrency mining in the Sichuan valley, which has had an adverse effect on the market.
Prices of Top 10 Cryptocurrencies in the Last 24 Hours (According to data from CoinMarketCap)
Bitcoin: $35,840.36 – down by 7.85 per cent
Ether: $2,503.74 – down by 12.50 per cent
Tether: $1.00 – down by 0.03 per cent
BNB: $363.39 – down by 15.42 per cent
USD Coin: $0.9994 – down by 0.04 per cent
Cardano: $1.07 – down by 12.86 per cent
Solana: $102.34 – down by 17.86 per cent
XRP: $0.6163 – down by 10.47 per cent
Terra: $59.30 – down by 23.98 per cent
Dogecoin: $0.135 – down by 11.23 per cent