Business News Asia
The bitcoin price has now slipped below $40,000 for the first time this year, hitting a low of $39,650 last seen in October 2021. Positively on it, however, resulted in a new record high of $69,000 later in 2021.
The Bitcoin price drop has caused many altcoins like Ethereum, Binance Coin, Solana, and Cardano to fall alongside BTC.
According to Santiment, most investors believe that crypto has officially entered a bear market. With a significant decline from the last peak.
The crypto price decline has continued since news started making the rounds that the Fed will raise interest rates in March. This, combined with the unrest in Kazakhstan that caused the hash rate to drop, are all bearish factors for the BTC price and the crypto market currently.
At the moment, Bitcoin is back at $41,894.72 not long after falling below $40,000. Thereby, BTC has fallen by more than 1.92% within 24 hours.
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Tuesday, January 11, 2022