- Earlier today, Bitcoin plunged by approximately 8% hitting a low of $38,220, one of the lowest in 3 months.
- Other tokens such as Ethereum, Dogecoin, Solana, and others also show a downward trend.
- The crypto market has been facing managerial pushbacks.
Bitcoin has been showing a declining trend and is currently trading at $38,881.48 at the time of writing. Since the start of the year, Bitcoin has fallen by more than 10% and has dropped by 8.2% in the last seven days. Further, earlier this month we saw a crash in Bitcoin’s price due to a mining outage in Kazakstan. Further, the market cap has crashed over 5% and has dropped below the $2 trillion mark at $1.98 trillion.
Likewise, Ethereum, the second-largest cryptocurrency linked to the Ethereum blockchain, has gone below the $3,000 mark and is now trading at $2,880.23, according to Coingecko. Unlike last year when the token rose about 400% the previous year, it has fallen by 11.6% in the last seven days.
Similar trends can be noticed for Dogecoin, which has fallen by 7.5%, Shiba Inu by 6.2%, and Binance Coin by 8.7% in the last 24 hours. These tokens are currently trading at $0.152162, $0.00002601, and $427.86, respectively. Cryptos like Cardano has plunged over 9.1%, whereas XRP, Polkadot, Tether, Litecoin Solana, Terra, Stellar were trading at their lowest in a while.
However, this bitcoin crash is also accompanied by the global market, as it is also bleeding. Most of the major stocks are red in a matter of a few hours and do not seem to be recovering very good.
Where is Bitcoin going Next?
Market analysis by crypto analysts and experts at CoinCodeCap predicted this market move on January 17. Here’s the analysis they sent in our public channel.
Currently, Bitcoin is facing high resistance and here the market will do a small upward move to liquidate all short positions and also will do a breakout trap. Then we will see a wave down as mentioned in the chart. After that, an impulsive move will come up to $50K level to do a bull trap and then again 1 more leg down below $30K as mentioned in the chart. So this is the highest possible next move of the market.
The crypto industry has been facing administrative pushbacks as doubts towards the rapid development of digital assets grow across the globe. The exchanges in the industry have been set to be the focal point of the US Securities and Exchange Commission’s crackdown on digital assets in 2022. Bloomberg has reported that Russia’s central bank may propose a ban on Bitcoin mining and crypto trading activity. Reserve Bank of India has proposed a complete ban on digital currencies, and the State Bank of Pakistan and the Federal Government are also planning to do the same.