The Magazine for Asian Investors
Bitcoin continues to fall. This morning (January 8) the bitcoin price fell 1.89% to $42,101.85.
Bitcoin’s move into negative territory has been a steady decline. Bitcoin fell to $42,000 after the Federal Reserve announced it would raise interest rates faster.
Bitcoin reached a record high of $68,000 in early November 2021 before the price fell sharply in recent days. This is because the Fed has confirmed that it will raise interest rates this year. As a result, that could bring investor dollars back into assets like government bonds and cash. Risky assets like cryptocurrencies could be less in demand and sold off.
In addition, the protests in Kazakhstan could also be the cause of the Bitcoin price drop. This is because Kazakhstan is one of the countries where Bitcoin mining is strong. It is estimated that up to one in five Bitcoins that are currently mined originates from Kazakhstan.
Analysts predict that the bitcoin price will gradually continue to fall. However, the price of Bitcoin is also expected to exceed the $100,000 mark this year.
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Saturday, January 8, 2022