Crypto News: Why did Crypto crash today?
On Friday, Bitcoin’s price fell to $38,000, its lowest level in six months. In the following, you’ll find the latest cryptocurrency market data and prices for popular cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Shiba Inu coin, XRP, and more.
Following Russia’s central bank’s proposal to ban cryptocurrencies, the price of Bitcoin fell below the $40,000 mark this week.
Global market uncertainty over cryptocurrency risks has hampered the return of cryptocurrencies to higher price levels in 2022, with Bitcoin falling more than 8 percent on Friday, January 21.
On Friday at 1.37 p.m., the price of Bitcoin was around $38,283.21 (£28,201.60), down nearly 10% in the previous 24 hours.
When it comes to cryptocurrency, Russia’s central bank is considering outlawing it along with cryptocurrency exchanges. Meanwhile, the UK announced on Tuesday that it intends to pass legislation in order to combat the rise in deceptive crypto asset advertisements.
According to the recent decline in cryptocurrency prices, the crash that began in early January may be set to continue as Kosovo clamps down on mining and Kazakhstan’s crypto mining empire suffers due to political unrest.
The current prices of Bitcoin, Ethereum, Solana Cardano XRP Shiba Inu coin, and Dogecoin, as well as what caused the most recent cryptocurrency market crash, are all explained in this article.
What is the current price for Bitcoin?
After trading at $43,511.99 as of 4 p.m. on Thursday, Bitcoin’s price fell sharply on Friday.
At around $40,000 in the early morning hours of Friday morning, the world’s largest cryptocurrency had lost almost $3,000 of the gains it had made since early January this week.
It was around $38,412.93 (£28,334.10) as of Friday evening at 6.10 p.m. ET, a decrease of 9% from the previous day.
CoinMarketCap data, on the other hand, shows that Bitcoin’s 24-hour trading volume has increased on Friday evening.
investors are buying the dip and the price is up 122.75% as of 6:10 p.m.
With a recent high of $52,100 on December 27, the price of Bitcoin has been mostly fluctuating between $40,000 and $45,000 over the last few weeks.
A gain of nearly $15,000 in Bitcoin in the last few days has been wiped out after it came the closest to a new historic threshold of $70,000 in November.
What caused the crypto market crash today?
The Omicron variant, Covid-19, and high inflation in the US and UK markets caused it to fall below $50,000 in late 2021.
Early in January, Bitcoin prices fell as the US Federal Reserve appeared ready to veer off course with interest rate hikes and a possible reduction in securities to shrink its balance sheet, following a sharp sell-off on the Nasdaq index on January 5th.
The tech-heavy Nasdaq index lost 500 points following the release of the Federal Reserve’s December meeting minutes, which signaled a significant reduction in policy accommodation.
Due to the complete failure of Kazakhstan’s internet, cryptocurrency mining operations in the country, which have mushroomed since China banned the practice, took a major hit as well.
According to Russia’s central bank’s Thursday consultation paper, “Crypto-based investments pose risks to Russian retail investors and financial stability, as well as the risks associated with their misuse,” the price of Bitcoin fell below $40,000 on Friday, January 21, prompting investors to sell their Bitcoin holdings for a loss of more than half their initial investment.
According to the report’s sources, Russian citizens transact up to $5 billion worth of cryptocurrencies each year.
Cryptocurrency volatility and instability pose a serious threat not only to the financial stability of citizens but also to their personal freedom.
Even so, Russia’s central bank has also likened the country’s growing use of virtual currencies to “dollarization,” which could force the central bank to keep its key interest rate higher in order to keep inflation in check.
Cryptocurrency’s widespread use could cause Russians to withdraw their savings from the financial sector, which would then reduce its ability to fund the real sector and potential economic growth, thereby reducing the number of jobs and potential for household income growth.
A tougher stance on crypto-asset promotion and advertising was announced by the UK government earlier this week.
According to UK Chancellor Rishi Sunak, the government intends to introduce new legislation to combat deceptive crypto asset advertising across the country:
While crypto assets may present exciting new opportunities, it’s important that consumers are not sold products with misleading claims.
To ensure that consumers are protected, as well as to support crypto asset market innovation, we have implemented safeguards.”
The current state of the cryptocurrency market
Ethereum, the NFT-related cryptocurrency, was trading lower in tandem with Bitcoin.
13 percent on Friday, following an early November record high of nearly $5,000.
At 6.12pm on Friday, Ethereum was trading at $2,794.69 (£2,061.81), down 13% in the previous 24 hours. This is the first time Ethereum’s price has fallen below the new $3,000 threshold.
While new alt and meme coins have stolen the limelight from Dogecoin in recent months, the meme coin’s popularity has also fluctuated.
On Friday evening, Dogecoin was trading at $0.15 (£0.11), down about 8 percent from the previous day.
The so-called “Dogecoin killer” Shiba Inu coin was trading at $0.00002500 (£0.00001850) at 6.15pm on Friday, down 12.8 percent in the last 24 hours.
As of 6:19 p.m. on Friday, Cardano (ADA) was down 12.5% to $1.21 (£0.89), XRP was down 10.55 percent to $0.68 (£0.50), and Solana was down 11.5% to $124.95 (£91.95).
When was the last time a cryptocurrency crashed?
Government officials in China’s Sichuan province have recently taken action against large-scale cryptocurrency mining operations, requiring that all Chinese banks and payment channels cease supporting decentralized and anonymous cryptocurrency transfers.
Bitcoin’s value plummeted from its highs of over $20,000 to below $30,000 as a result of this.
Other governments and regulators around the world are considering legislation to limit the growth of cryptocurrency activity, which they believe is being used for money laundering and other criminal activities. As a result, the value of bitcoin has fluctuated.
Countries such as South Korea and the Metropolitan Police have announced that they have uncovered a massive UK cryptocurrency money-laundering operation following China’s move.
At a value of £180 million, the Met’s seizure in July was the UK’s largest-ever crypto seizure.
As a result of the global crackdown on cryptocurrency, regulators and governments have taken a hard look at the operations of cryptocurrency exchange platforms like Binance.
When Bitcoin’s highest prices were halved in June, the coin was unable to break out of the $30k price range until Elon Musk, CEO of Tesla, appeared at a major Bitcoin conference in July and gave the coin a much-needed boost.
This increase in confidence in Bitcoin could keep it at $60,000 to $70,000 for a while longer, but with increased resistance as it moves toward the $100,000 price prediction for 2022.’s year ahead.
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