xrp cryptocurrency price

Bitcoin price: Why is crypto crashing? Crypto prices of BTC, Ethereum, Dogecoin, Solana and more in 2022 crash

Bitcoin price: Why is crypto crashing? Crypto prices of BTC, Ethereum, Dogecoin, Solana and more in 2022 crash
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Bitcoin price plunged lower to meet a new $40,000 limit on Monday (January 10) as the first cryptocurrency crash of 2022 continues.

While the price of Bitcoin was trading at around $50,000 a little over a month ago, cryptocurrency prices crashed across the board on Wednesday evening (January 5).

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Concerns about rising US interest rates and the impact of protests and political turmoil in Kazakhstan on the country’s large mining operations appear to be the driving forces behind the initial decline in the price of bitcoin, as traditional and cryptocurrency markets grapple with the impact of the coronavirus on the global economic recovery. .

Cambridge University researchers estimated that the country is currently suffering from protests and riots due to high fuel prices to be the second largest crypto-mining home in the world after China imposed restrictions on mining operations in 2021.

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Kazakhstan: What triggered the riots in Kazakhstan and what has happened so far?

The cryptocurrency market is down 4.71% in the past 24 hours as of 2.50pm Monday according to Coinbase, with Bitcoin trading down 4.3%, Ethereum down 5%, and Solana over 7% as the cryptocurrency’s price continues to slide.

Here is why the cryptocurrency crash continues, causing the crypto market crash today and the latest prices for Bitcoin, Ethereum, Solana, Cardano, XRP, Shiba Inu coin and Dogecoin.

Bitcoin price: why is crypto crashing? BTC, Ethereum, Dogecoin, Solana, and more prices in the 2022 crypto crash (Image source: Getty Images/Canva Pro)

What is the price of bitcoin today?

On Monday, January 10, the price of Bitcoin plunged again, indicating a return to the $40,000 threshold of support among cryptocurrency traders as confidence levels appeared to be dropping.

The world’s largest cryptocurrency was trading around $4,0975.53 (£30,154.45) as of 1.38pm this afternoon, according to Coinbase, down 2% over the past 24 hours.

The cryptocurrency’s trading volume is down 16% in the past 24 hours according to data compiled by CoinMarketCap, with bitcoin trading volume over 24 hours at $23,045,677,290.

Bitcoin has been swinging between $41,000 and $42,500 since Friday morning, after the major cryptocurrency plummeted on Wednesday last week.

As of 8.45am on Friday, Bitcoin was down 1.6% in the previous 24 hours at $42,185.15 (£31,194.02) before dropping even lower that day.

Over the past few weeks, the bitcoin price has been mostly fluctuating between $45,000 and $50,000 over the past few weeks – reaching a recent high of $52,100 on Dec 27.

The price of the major cryptocurrency dropped below $45,000 to $42,500 at 10:30 p.m. Wednesday (January 5th), with the sudden drop in the cryptocurrency’s price echoing the drop in the price of Ethereum.

The price of the major cryptocurrency has seen recent gains of nearly $15,000 wiped off the Bitcoin board after it came close to hitting a new historic threshold of $70,000 in November.

Why is cryptocurrency down today?

Bitcoin enjoyed a bullish rally to nearly $70,000 in value in early November as investors hoped the cryptocurrency’s $1 trillion market capitalization would hold steady ahead of a volatile trading period.

But it fell below $50,000 in late 2021 as US and UK markets struggled to deal with renewed concerns about Covid-19, the variable Omicron and high inflation.

The recent decline in the price of bitcoin came with a sharp sell-off on the Nasdaq on Wednesday (January 5), as the US central bank prepares to move away from its pandemic monetary policies for the coronavirus with interest rate hikes and a possible stock cut. in order to reduce its balance sheet.

500 points were erased from the tech-heavy Nasdaq after the release of the minutes of the US Federal Reserve’s last meeting in December – as “expectations for an accommodation policy cut forward shifted significantly”.

The Nasdaq fell 500 points and traded down about 3.34% to close at 15,100.17 on Wednesday.

The impact was also felt across other US stock indices, with the Dow Jones Industrial Average (DJIA) down about 1.07% and the S&P500 down 1.94% on Wednesday.

But the cryptocurrency has also taken a hit as cryptocurrency mining in Kazakhstan, which has been rampant since China banned cryptocurrency mining in the country, plunged into a nationwide internet outage this week.

The country has plunged into political turmoil, after the Kazakh government’s decision to allow market prices to control the country’s fuel prices doubled the price of liquefied petroleum gas – sparking mass protests over the country’s economy and human rights in recent days.

The Internet was cut off on Wednesday, reports the Internet Disruption Observatory netblocksThe cessation of cryptocurrency mining is reflected in the lower Bitcoin hash rate.

Bitcoin mining pools saw at least a 12% drop in the number of BTC hashes during Wednesday’s internet outage, Larry Cermak, vice president of research at The Block, tweeted Wednesday.

In November, the Financial Times reported that the country’s growing crypto mining operations have seen power outages across the country as energy-intensive mining rigs have caused blackouts in many regions of Kazakhstan and the electrical grid has threatened to rationing power supplies for some crypto miners.

Cryptocurrency market rates today

With cryptocurrencies often moving hand in hand with Bitcoin, ethereum, Cryptocurrency is synonymous with the cryptocurrency rising trend of NFTsAnd It fell 11% on Thursday after hitting a new record high of around $5,000 in early November.

Ethereum price fell below the $4,000 threshold and was trading at $3,042.77 (£2245.71) at 1.40pm on Monday, another drop of 3% over the past 24 hours.

The hype surrounding the famous memecoin Dogecoin It has been similarly fluctuating in recent months as new coins and memes have stolen the limelight.

Dogecoin price is down nearly 2.26% in the past 24 hours at $0.15 (£0.11) on Monday afternoon.

The Shiba Inu coin, called the ‘Dogecoin killer’, was trading down 4% in the last 24 hours at $0.00002,700 (£0.00001990) as of 1.47pm on Monday.

at the same time, Cardano (ADA) prices are hovering around $1.12 (£0.82), down 3.5% in the past 24 hours after dropping nearly 10% on Thursday, XRP It fell 1.47% to $0.734739 (£0.540932) and Solana It was down 2.67% to $135.88 (£100.04) as of 1.45pm on Monday.

When was the last cryptocurrency crash?

In June, the Chinese government cracked down on large cryptocurrency mining operations taking place in Sichuan province and demanded Chinese banks and payment channels to stop supporting decentralized and anonymous crypto transactions.

This drove the bitcoin price to below $30,000 in a big drop from its high success.

Cryptocurrency has continued to rise and fall as other global administrations and regulators consider legislation to curb the increase in crypto activity often attributed to money laundering and crime.

In the wake of the Chinese state’s move, countries like South Korea have also pledged to tackle the rise in crypto-money laundering, while the Metropolitan Police has announced that it has successfully shut down a massive crypto-money laundering operation in the UK.

July saw the Met seize a £180m cryptocurrency in the UK’s largest crypto forfeit to date.

Since then, cryptocurrency exchanges like Binance have started to feel the pressure around the world as regulators and governments start turning nails in the operations of such exchanges in the wake of the global crackdown on cryptocurrency.

As a result, the highest price for bitcoin was halved in June, as the coin struggled to break out of the $30,000 low to mid price range until it received a welcome boost from Tesla CEO Elon Musk at his appearance at the major bitcoin conference in July. .

A bullish run and increased confidence in Bitcoin could keep its price volatile between $60,000 and $70,000 in the future, but with increased resistance as it looks to anticipate a $100,000 price for next year in 2022.

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