Bitcoin Prices Drop โ Bitcoin prices on Saturday, January 22, fell further to touch the $35,000 mark. This was the second day in a row that Bitcoin prices fell sharply, falling to their lowest level in around six months. At 1155 IST as of this writing, the price of the world's largest cryptocurrency was $35,840.36, according to data from cryptocurrency tracking website CoinMarketCap. This was a drop of 7.85 percent in the last 24 hours. In the past seven days, Bitcoin prices fell as much as 16.52 percent, the data showed. As a result, the global cryptocurrency market capitalization also suffered huge losses, in a bloodbath that did not seem to end for the industry.
This was the third time this month that bitcoin prices they have dipped below the $40,000 levels. For the world's largest cryptocurrency, 2022 has proven to be a year of steady decline. The value of Bitcoin has plunged more than 14 percent since the beginning of this year, according to reports. The cryptocurrency token lost more than $1 billion in value since its all-time high of nearly $69,000 in November of last year. This was a loss of around 45 percent since it peaked.
Ether prices also fell sharply that day. The altcoin sank 12.50% in the past 24 hours to hit $2,503.74 on Jan. 22, according to CoinMarketCap. In the last seven days, Ether prices almost fell 25 percent, according to the data.
Not just Bitcoin and Ether, all major cryptocurrencies suffered heavy losses on Saturday. Memecoin Shiba Inu is down 18.76 percent in the last 24 hours, priced at $0.00002092 now. Dogecoin is also down 11.23 percent over the last day.
The slump in the crypto world was triggered by the latest decision by the US Federal Reserve to tighten monetary policy at a faster pace than expected. Amid the low stringency of the Omicron variant and central banks' push to revive the economy back to normal, the US Federal Reserve could raise rates three times this year, a Reuters poll suggested. This was combined with other parameters as well. The appearance of the Omicron variant has kept investors away from investing in risky assets since last year.
Furthermore, China's crackdown on cryptocurrencies and Russia's recent intention of a similar nature may also be factors why Bitcoin is steadily losing its value. China has banned cryptocurrency mining in the Sichuan Valley, which has had an adverse effect on the market.
Prices of the top 10 cryptocurrencies in the last 24 hours (according to data from CoinMarketCap)
Bitcoin: $35,840.36 - down 7.85 percent
Ether: $2,503.74, down 12.50%
Tether: $1.00 - less than 0.03 percent
BNB: $363.39 - less than 15.42 percent
USD currency: $0.9994 - less than 0.04 percent
Cardano: $1.07 โ 12.86 percent off
Solana: $102.34 - less than 17.86 percent
XRP: $0.6163 โ 10.47 percent down
Terra: $59.30 - 23.98 percent off
Dogecoin: $0.135 - 11.23 percent down
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