The digital currency markets have depreciated in the past two days as more than $ 100 billion was subtracted from the overall valuation of the crypto market. Bitcoin slid to the lowest point of the year at $ 28,800 per unit on Thursday afternoon, and a number of other crypto assets also saw significant losses. Currently, at the beginning of the weekend, the crypto economy has resumed trading digital currencies and has recovered some of the losses it suffered in recent days.
Crypto markets are trying to heal
In the past 48 hours, the leading cryptocurrency has depreciated significantly in terms of market valuation. For example, two days ago the price of Bitcoin (BTC) traded hands for $ 35,900 per coin and on Thursday afternoon (EST) the price dropped to $ 28,800 per unit. That’s an overall loss of -19.77%, but BTC markets have since rebounded and managed to climb back above the $ 30,000 grip.
At the time of publication, Bitcoin (BTC) trades at prices between $ 32,200 and $ 32,800 per coin and has a market valuation of over $ 600 billion.
Bitcoin (BTC) price hit a new low on Thursday of 2021, hitting $ 28,800 per unit. Since then, BTC and a number of other digital assets have made up some of the losses. (BTC / USD chart on Jan 22, 2021, 10:30 a.m. EST on Bitstamp via Bitcoinwisdom.io. Currently, BTC is trading for $ 32,500 per unit during Friday’s crypto trading sessions.
There was global BTC trading volume of over $ 28 billion on Friday, with Tether (USDT) now covering 52% of all Bitcoin trades. BTC lost over 13% over the week but is still up 35% in the past 30 days. In 90 days, BTC was up 140% and 275% against the USD for 12 months. BTC’s example is followed by Ethereum (ETH) as each ether trades for $ 1,240 per unit. ETH market capitalization is currently around $ 140 billion during Friday morning (EST) trading sessions.
Behind the market valuation of Tether (USDT) is Polkadot (DOT), which is exchanged for 17.36 USD per DOT. As of January 22nd, XRP is currently trading for $ 0.27 per token and has a market cap of $ 12 billion. XRP is followed by Cardano (ADA $ 0.34), Litecoin (LTC $ 140.81), Chainlink (LINK $ 21.37), Bitcoin Cash (BCH $ 448.74) and Binance Coin (BNB $ 40.57).
Bitcoin Cash BCH / USDT (Tether) chart on January 22, 2021 at 10:30 a.m. EST on Exchange.Bitcoin.com.
Bitcoin cash has a market valuation of around $ 8.1 billion and is down 12% in the past seven days. Over the course of the month, BCH was also up 56% and 56% in the 90 days. Against the US dollar, Bitcoin Cash (BCH) is up 32% in the past 12 months.
Institutional appetite for Bitcoin
In a note to investors, Etoro cryptanalyst Simon Peters spoke about the recent price movements and volatility of Bitcoin (BTC). Peters said lower prices might be “on the cards” but the analyst doesn’t “think it would take long [as] The cat is out of his pocket with bitcoin. “
“This price move is a perfectly natural correction that occurs in any asset as soon as the market finds it a bit overbought,” Peters wrote. “And while the price is falling and at the time of writing is just over $ 31,000, the demand for Bitcoin isn’t that high.”
The Etoro cryptanalyst added:
The appetite among institutional investors continues to grow as investment trust Grayscale buys $ 600 million of the crypto asset in a single day this week. Blackrock, the world’s largest asset manager, announced that two of its funds will trade bitcoin derivatives in the future.
Onchain Analyst Says Bitcoin Miners May Have Dumped
On Friday, Cryptoquant CEO Ki-Young Ju announced that the recent sell-off may have been triggered by the sale of some mining pools. “This dump could have been started by BTC miners in F2pool,” tweeted the Cryptoquant manager.
The onchain researcher also shared diagrams of the action showing that the miner position index and miner are exchanging inflows. “I received these bearish warnings yesterday,” added Ki-Young Ju. “The Miners’ Position Index rose above 2.5, 569 people deposited BTC in a single block (10 minutes). [and] 78 miners deposited BTC in a single block (10 minutes). “
Growing FUD
Nobody really knows what will happen from here in the land of crypto assets and the growing economy. A lot of Fears, Uncertainties, and Doubts (FUD) have been circulating over the past few weeks while crypto-assets like Bitcoin (BTC) have been bullish.
So in 1 month we had:
✅ Mnuchin regulatory fear
✅ Tether Fud
✅ Ledger Hack
✅ Mt.Gox Fud
✅ Yellen, Lagarde, dear horror
✅ Faketoshi nonsense
✅ Fraud and Spam Attacks
✅ Bitcoin software bug bullshit
Some would say it’s a bit too much of a coincidence. I am just saying.
– PlanB (@ $ 100 trillion) January 22, 2021
There have been significant regulatory fears, uncertainties regarding the Biden administration, negative comments from Janet Yellen and Christine Lagarde, Mt Gox discussions, environmental debates over proof-of-work, controversy over Tether (USDT) and the recent hack of customer data. Despite all the FUD, cryptocurrency advocates still seem very optimistic about the future of crypto assets in 2021.
Do you want to check all the actions of the crypto market with prices in real time? Check out our Crypto Market Aggregator at markets.Bitcoin.com.
What do you think of the recent crypto price campaign? Let us know what you think on this matter in the comments section below.
Tags in this story
BCH, Bitcoin, Bitcoin (BTC), Bitcoin Cash, BTC, Crypto Assets, Crypto Currencies, Crypto Currency, Kryptoquant, Ethereum, FUD, Ki Young Ju, Market Capitalization, Market Update, Markets, Markets and Prices, Miners, Price, Simon Peters, Reviews, XRP
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