Bitcoin Price Plunges below $40,000, as Global Crypto Market Sell-Off
- The crypto market faces a shocking start to 2022.
- Bitcoin price fell below $40,000 today.
On Monday January 10, Bitcoin plunged below $40,000 for the first time since September 2021. The negative record heightened a bear trend that began six weeks ago. Today, the lowest price reached during this fall was $39,558. The dip saw more than $295 million liquidated across the entire crypto market in the past 24 hours alone. At the time of writing, the crypto is changing hands at $41,374, which is down 21% so far in 2022. This is the worst-ever start for the year as the cryptocurrency registered its biggest weekly drop since early December. Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term price is currently more than 40% down from its all-time high of $69,000, which was experienced on November 9.
According to the current Bollinger band as depicted by the TradingView chart, the price of the flagship cryptocurrency is experiencing predictable volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term as bears appear to pull the market toward the $30,000 zone. “And, we're dipping into the $40K region for Bitcoin, through which the fear will only accelerate even more. People are considering selling off partially at this stage, as they expect markets to drop further. Next to that, most of the people are assuming we're only going down, as a bear thesis is currently the primary scenario," Michaël van de Poppe commented about the current Bitcoin price.
Meanwhile, altcoins have joined in the current panic mode. Today, Ether (ETH) slipped below $3,000 for the first time since early October. Additionally, others in the top ten crypto coins by market capitalization shed more than 5% of their value on the day.
The bearish formation witnessed on Monday appears to be a continuation of the dynamic of the Bitcoin price that started last week. Factors like the unrest in Kazakhstan and the US Federal Reserve's willingness to cut interest rates sooner than expected are being considered as some of the possible reasons for the broad macro market environment turning bearish.
On January 5, the US Federal Reserve (Fed) announced that it may accelerate the timetable for increasing interest rates. This means that the Fed will stop its money-printing operations and instead will make it more expensive to borrow to keep a cap on inflation. The price of Bitcoin and other crypto coins dropped after the announcement of the news.
Besides that, on January 7, Bitcoin fell below $43,000 after political unrest in Kazakhstan adversely affected the Bitcoin network. Protests in the country incited by anger over soaring fuel prices intensified into clashes. The violence led to a country-wide internet shutdown on Thursday last week, and as a result, rendered Bitcoin miners in the nation unable to join the crypto network. This led to Bitcoin prices and other crypto assets taking a plunge throughout the day.
However, it is interesting to note that cryptocurrency is not the only affected industry. Furthermore, Wall Street's major averages turned red today. The Nasdaq Composite is down 1.72% whereas The FTSE 100 is down 0.18%.
On Monday January 10, Bitcoin plunged below $40,000 for the first time since September 2021. The negative record heightened a bear trend that began six weeks ago. Today, the lowest price reached during this fall was $39,558. The dip saw more than $295 million liquidated across the entire crypto market in the past 24 hours alone. At the time of writing, the crypto is changing hands at $41,374, which is down 21% so far in 2022. This is the worst-ever start for the year as the cryptocurrency registered its biggest weekly drop since early December. Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term price is currently more than 40% down from its all-time high of $69,000, which was experienced on November 9.
According to the current Bollinger band as depicted by the TradingView chart, the price of the flagship cryptocurrency is experiencing predictable volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term as bears appear to pull the market toward the $30,000 zone. “And, we're dipping into the $40K region for Bitcoin, through which the fear will only accelerate even more. People are considering selling off partially at this stage, as they expect markets to drop further. Next to that, most of the people are assuming we're only going down, as a bear thesis is currently the primary scenario," Michaël van de Poppe commented about the current Bitcoin price.
Meanwhile, altcoins have joined in the current panic mode. Today, Ether (ETH) slipped below $3,000 for the first time since early October. Additionally, others in the top ten crypto coins by market capitalization shed more than 5% of their value on the day.
The bearish formation witnessed on Monday appears to be a continuation of the dynamic of the Bitcoin price that started last week. Factors like the unrest in Kazakhstan and the US Federal Reserve's willingness to cut interest rates sooner than expected are being considered as some of the possible reasons for the broad macro market environment turning bearish.
On January 5, the US Federal Reserve (Fed) announced that it may accelerate the timetable for increasing interest rates. This means that the Fed will stop its money-printing operations and instead will make it more expensive to borrow to keep a cap on inflation. The price of Bitcoin and other crypto coins dropped after the announcement of the news.
Besides that, on January 7, Bitcoin fell below $43,000 after political unrest in Kazakhstan adversely affected the Bitcoin network. Protests in the country incited by anger over soaring fuel prices intensified into clashes. The violence led to a country-wide internet shutdown on Thursday last week, and as a result, rendered Bitcoin miners in the nation unable to join the crypto network. This led to Bitcoin prices and other crypto assets taking a plunge throughout the day.
However, it is interesting to note that cryptocurrency is not the only affected industry. Furthermore, Wall Street's major averages turned red today. The Nasdaq Composite is down 1.72% whereas The FTSE 100 is down 0.18%.