Bitcoin prices fall: Bitcoin prices on Saturday, January 22, fell further to reach $35,000. This was the second day in a row that Bitcoin prices fell dramatically, dropping to their lowest point in about six months. At 1155 IST, as this article was being written, the price of the word’s largest cryptocurrency was $35,840.36, according to data from crypto tracking website CoinMarketCap. This was a 7.85 percent drop in the past 24 hours. Bitcoin prices have fallen a whopping 16.52 percent in the past seven days, data shows. The global cryptocurrency market cap also suffered huge losses as a result, in a bloodbath that seemed never to end for the industry.
This was the third time in this month that Bitcoin prices have fallen below the $40,000 level. For the world’s largest cryptocurrency, 2022 has proved to be a year of constant decline from now on. According to reports, Bitcoin’s value has fallen by more than 14 percent since the beginning of this year. The cryptocurrency token has 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 about 45 percent since it peaked.
Ether prices also fell drastically on the day. According to CoinMarketCap, the altcoin fell 12.50 percent in the past 24 hours to $2,503.74 on Jan. 22. In the past seven days, Ether prices have fallen nearly 25 percent, according to data.
Not just Bitcoin and Ether, all major cryptourrencies suffered huge losses on Saturday. Memecoin Shiba Inu is down 18.76 percent in the past 24 hours, now priced at $0.00002092. Dogecoin also fell 11.23 percent in the past day.
The slump 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 low severity of the Omicron variant and central banks’ efforts to return the economy to normal, the US Federal Reserve could raise interest rates three times this year, a Reuters poll suggested. This was also accompanied by other parameters. The emergence of the Omicron variant has prevented investors from investing in risky assets since last year.
In addition, China’s crackdown on cryptocurrencies and Russia’s recent intent of a similar nature could also be factors causing Bitcoin to constantly lose its value. China has banned cryptocurrency mining in the Sichuan Valley, which has had a negative effect on the market.
Prices of top 10 cryptocurrencies in the last 24 hours (according to data from CoinMarketCap)
Bitcoin: $35,840.36 – 7.85 percent down
Ether: $2,503.74 – a 12.50 percent drop
Tether: $1.00 – down 0.03 percent
BNB: $363.39 – down 15.42 percent
USD coin: $0.9994 – down 0.04 percent
Cardano: $1.07 – down 12.86 percent
Solana: $102.34 – down 17.86 percent
XRP: $0.6163 – down 10.47 percent
Terra: $59.30 – down 23.98 percent
Dogecoin: $0.135 – down 11.23 percent
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