By Chris King • 21 January 2022 • 21:21
Image - Dia de Sant Patrici: Pixel-shot/shutterstock
According to cryptocurrency tracking website CoinMarketCap, the cryptocurrency market has seen a dramatic crash, with around 9 per cent being wiped off the market value today, Friday, January 21.
Over the last 24 hours, Bitcoin had dropped by 8.8 per cent, and other coins also suffered the same problem with ethereum down by 11.1 per cent. Market volume was reportedly up by 113 per cent, presumably as traders rushed to get rid of their rapidly decreasing cryptocurrencies.
Analysts had recently claimed that a drop below the $40,000 mark would be seen as an important psychological indication that the market was in trouble, and that is where it stands right now.
This is Bitcoin’s worst start ever to any new year, having fallen through several important milestones, and growing fears that this could be a ‘crypto winter’ could well be coming true.
Last November, Bitcoin hit an all-time high, with a record-breaking performance seeing it rise to almost $70,000. Currently, it is 44 per cent down on that record. As inflation continues to soar, cryptocurrency prices have struggled, and keep falling, leaving its supporters increasingly deflated after their belief that prices might bounce back as a hedge against inflation, as reported by independent.co.uk.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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