Dramatic Start to 2022, Bitcoin (BTC) Price Falls 6-Month Low to $34K
After a decline that affected Bitcoin and the rest of the market, the global crypto market valuation has dropped to $1.7 trillion. It was a dramatic start to the weekend for Bitcoin after the market wipeout on Thursday.
BTC/USDT: Source: TradingView
The most popular cryptocurrency is down 7.6 percent in the previous day and nearly hit $34,000 this morning before falling to $33,000. It’s presently selling at $35,600, a loss of over half a million dollars from its peak. In July 2021, the price of Bitcoin was $34,000.
Read More: Bitcoin Price Prediction
A Few Bought BTC Heavily During The Dip
After Bitcoin lost $40,000 support on Friday, reduced weekend activity was expected to offer some typical volatile fluctuations. Some, like El Salvador, reaped the benefits of the new lower levels, while others expressed worry that bulls were still under pressure despite the decline in prices.
According to trader and analyst William Clemente, Derivatives traders continue to resist the trend even though open interest has not yet drained. During the fall, several other cryptocurrencies took a more significant beating. After shedding 11.1 percent, Ethereum briefly fell below $2,350.
Since November, the price of crypto has been falling worldwide. In recent weeks, lower-cap currencies have periodically rebounded. After achieving highs of $69,000 and $4,800 on November 10, larger assets like Bitcoin and Ethereum have mainly failed to gain any noteworthy momentum. Over $3 trillion was being traded in the worldwide cryptocurrency market at the time. Today, it’s closer to $1.7 trillion, a 43 percent decrease.