The cryptocurrency market in general and Bitcoin price, in particular, are being bleak in the past 24 hours
The cryptocurrency market in general and Bitcoin price, in particular, are being bleak in the past 24 hours. At press time, BTC is trading around $ 31,108, down almost 4% over the past 24 hours and recording an 11% drop over the past seven days.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price fell dramatically, the cryptocurrency market turned red
Bitcoin has been trying hard to move sideways in the $ 32,000 – $ 33,000 range for the past several days but has not stopped the decline. Accordingly, this morning, Bitcoin price temporarily stood at $ 30,472, a sharp decrease of 6.68%, a decrease of $ 2,181.
During the last 24 hours, Bitcoin’s price traded as low as $ 29,298 and highest at $ 32,697. According to CoinMarketCap, the volume of Bitcoin transactions during this period was $ 61.9 billion, market cap was recorded at $ 563.7 billion.
It is not clear why Bitcoin has plunged over the past 24 hours. Because there is not much bad information that can affect the price of Bitcoin. However, on January 25, President Joe Biden’s voice expressed his willingness to adjust and reduce the stimulus package of $ 1,900 billion, which may have affected many investors’ motivation to hoard Bitcoin. – those who look to Bitcoin as a hedge against USD inflation and depreciation.
Notably, the unforeseen decline in Bitcoin’s price has resulted in major cryptocurrencies and small market cap digital assets starting to move down.
Specifically, Ethereum dropped 7.76% to $ 1,245, the market cap recorded at $ 142.3 billion. Polkadot fell 9.3% to $ 15.4, market capitalization recorded $ 13.9 billion, transaction volume reached $ 2.9 billion.
XRP dropped 6% to $ 0.251, bringing market capitalization to $ 11.4 billion, transaction volume reaching $ 2.9 billion. Similarly, Cardano down 9.7%, Chainlink down 8.5%, Litecoin down 8.3%, Bitcoin Cash down 11% …
The market was so devastated that the total market cap dropped 7.3% to $ 896 billion, or $ 45 billion was blown away.
Read more:
- The Leading Financial Institution At Chicago Rothschild Investment Corporation Invested 30,454 Shares In Grayscale’s Bitcoin Trust
- Bitcoin Price Has Stalled, Many Small Cap Cryptocurrencies Plummeted