The crypto market continues to dry up with massive double-digit losses evident from the Bitcoin price and most altcoins. At the time of writing, BTC is changing hands at $35,120.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price falls to $34,000 as Bitcoin RSI reaches most ‘oversold’ since March 2020 crash
The bears continue to take complete control of the crypto market with multiple double-digit losses from most assets. As reported yesterday, BTC started to dump in value rapidly and dropped to a six-month low of $38,250. This enhanced volatility resulted in more than $700 million worth of liquidations in just a day.
As BTC attempted its recovery and touched $39,000, the bulls took another major hit. BTC dumped by almost $4,000 again and reached its lowest price line since late July at $35,000. As the asset currently stays just a few hundred dollars above that level, its market capitalization is down below $700 billion.
Bitcoin’s price slides coincide with the recent correction in the stock markets. Meanwhile, El Salvador president Nayib Bukele did not miss out on buying cheaper BTC. And the latest halving caused the country to accumulate an additional 410 BTC.
Last year, the country made history when it became the first nation to adopt the primary cryptocurrency as legal tender inside its borders. Since then, it has started numerous pro-Bitcoin initiatives and frequently buys more of the asset.
Although their total investment was worth less than $10 million in early January, the Bukele president said he is concerned that the country cannot buy more BTC during the recent market downturns. This happened when BTC dropped to $40,000 but bounced up immediately to around $44,000. However, the cryptocurrency has declined over the past few days, losing nearly $9,000 in two days.
Nope, I was wrong, didn’t miss it.
El Salvador just bought 410 #bitcoin for only 15 million dollars ?
Some guys are selling really cheap ??♂️ https://t.co/vEUEzp5UdU
— Nayib Bukele ?? (@nayibbukele) January 21, 2022
Nevertheless, the country’s total BTC investment is still very much in the red, as estimations show that El Salvador is down about $20 million as of now.
Altcoins have been even worse over the past two days. The cumulative market capitalization of all crypto assets has decreased to just over $1.597 trillion. This means that the metric is down by $200 billion in a day and $400 billion in two days.
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Read more:
- Bitcoin Price Falls Below $37,000 And This Is Probably One Of The Reasons
- The Crypto Market Was In A Sea Of Red As Bitcoin Price Down About 40% From Its ATH