Bitcoin Price:Why is crypto declining today?: Crypto news and prices for BTC, Ethereum, Dogecoin, as crypto crashesJanuary 29, 2022
The price of Bitcoin fell even lower after the cryptocurrency market crashed on Friday January 21, Bitcoin is now approaching a new $ 30,000 threshold today (Monday January 24).
It dropped below the $ 40,000 average last week after crypto market prices plummeted following a proposal by a central Russian bank to restrict crypto currency in the country.
The cryptocurrency market trades up more than 7% on Monday as January continues to see cryptocurrencies as a whole trying to return to higher prices by 2022 amid global global uncertainty over crypto risks.
As of 1.17pm on Monday, the price of Bitcoin has been fluctuating around $ 33,418 (£ 24,785.07) a 7% fall in the last 24 hours, and a 21% fall in the last seven days.
Concerns about cryptocurrency risks to consumers and markets prompted a central Russian bank to impose a ban on crypto currencies and crypto trades last week, while the UK government announced legal measures to deal with misleading cryptoasset ads.
The fall in crypto prices suggests that the crash that reduced prices in early January, as Kosovo participated in the mines and Kazakhstan’s crypto mining empire was hit amid political turmoil, is likely to continue amid widespread market sales.
Here’s why crypto is down today, what’s happening to crypto right now with the latest prices for Bitcoin, Ethereum, Solana, Cardano, XRP, Shiba Inu currency and Dogecoin.
What is the value of Bitcoin today?
On Monday, January 24, the price of Bitcoin was trading at $ 33,418 (£ 24,785.07) from 1.17pm with an additional fall below $ 35,000.
Bitcoin rallied around $ 40,000 on Friday morning (January 21), spending about $ 3,000 returned since early January last week, before sinking below the $ 40,000 limit just before 2am in the UK.
As of 6.10pm on Friday, the price of Bitcoin dropped to $ 38,412.93 (£ 28,334.10), a further drop on Monday morning as its price dropped to $ 33,027 at 11am.
According to data collected by CoinMarketCap, however, Bitcoin is seeing an increase in trading activity – with its 24-hour trading volume rising 7.65% from 1.35pm on Monday at $ 33,013,519,979 as investors buy the dip.
This is a slight decrease in trading volume, however, compared to Friday night’s volume – up 122.75% by $ 37,185,577,576 just after 6pm.
Over the past few weeks, the price of Bitcoin has fluctuated between $ 40,000 and $ 45,000 – reaching a recent high of $ 52,100 on December 27.
The high price of cryptocurrency has seen nearly $ 15,000 recent gains removed from the Bitcoin board after it was the closest it ever had to reach a new milestone of $ 70,000 in November.
Why is crypto low today?
The price of Bitcoin has enjoyed a bullish rise to almost $ 70,000 of value in early November as investors hope to see the $ 1 trillion cryptocurrency market remain stable ahead of the volatile trading period.
But it has dropped below $ 50,000 by the end of 2021 as US and UK markets struggle to address renewed concerns about the impact of Covid-19, Omicron variants and high inflation.
The price of Bitcoin fell in early January after a massive sell-off of the Nasdaq price on Wednesday, January 5, as US central bank appeared ready to withdraw its coronavirus epidemic financial policies with rising interest rates and a possible reduction in securities. to reduce its balance.
The 500 points were cleared from the tech-heavy Nasdaq list following the release of minutes at a recent US Federal Reserve meeting in December – where “hopes for a reduction in policy housing have advanced dramatically”.
But the cryptocurrency market has also had a major impact as the performance of crypto mines in Kazakhstan, which has increased since China shut down cryptocurrency mines in the country, declined during a nationwide internet outage.
Cryptocurrency market prices today:-
As crypto currencies tend to go hand in hand with Bitcoin, Ethereum, a cryptocurrency similar to the growing crypto trend of NFTs, was trading down
more than 13% on Friday after hitting a new record high of nearly $ 5,000 in early November.
Ethereum’s price dropped below its new $ 3,000 limit and was trading at $ 2,204.45 (£ 1,632.88) at 1.17pm on Monday, an additional fall of 11.36% in the last 24 hours.
The hype surrounding the popular memecoin Dogecoin has also been fluctuating in recent months as new alt and meme coins have shed light.
The Dogecoin price was trading above 7% in the last 24 hours at $ 0.13 (£ 0.09) on Monday afternoon.
When is the last crypto crash?
In June, the Chinese government banned many crypto mining operations taking place in Sichuan province and demanded that Chinese banks and payment channels stop supporting cryptocurrency transactions anonymously.
This has seen Bitcoin prices drop to less than $ 30,000 with a dramatic decline since its rising success.
The cryptocurrency continued to rise and fall as some international authorities and regulators enacted laws to curb the proliferation of cryptocurrencies that are often the result of smuggling and crime.
Following the Chinese government’s move, countries like South Korea have also committed to cracking down on cryptocurrency smuggling, with the Metro Police announcing a successful crackdown on UK cryptocurrency smuggling.
In July he saw the Met take over a cryptocurrency operation worth £ 180million in the largest UK cryptocurrency seizure to date
.Cryptocurrency exchange forums such as Binance have since been experiencing global warming as regulators and governments have begun to shut down the functioning of such platforms due to the global collapse of crypto.
The result of this has seen some of the highest Bitcoin prices cut in half in June, and the coin struggled to get out of the low-to-mid range of $ 30k until it received a welcome increase from CEO Tesla Elon Musk in his appearance at the big Bitcoin conference in July. .
The bullish rise and growth in confidence in Bitcoin could see it sitting at volatile prices between $ 60,000 and $ 70,000 in the future, but with growing resistance as it looks to a forecast of $ 100,000 next year in 2022.