Crypto news: BTC sinks to $33K as the downfall continues
Updated
Bitcoin (BTC) was not done falling after appearing to stabilise at the end of the carnage weekend for the digital currency market. The weekend saw the oldest cryptocurrency fall below $35,000.
But in London morning trade, the coin reached as low as $33,554.04, data from CoinMarketCap.com show, representing a -50.9% fall from its all-time high registered last November.
According to algorithmic price prediction site Wallet Investor, bitcoin’s current support levels sit within the $33,605 - $35,241 range. Its resistance level was pinned at $36,876 and $38,512.
Analysts from on-chain analytics firm Glassnode pointed out that the recent downturn represents the second steepest correction in this cycle.
Correction is defined as loss of assets value of 10% or more. The steeper fall was seen only last May as China outlawed cryptocurrency and Tesla suspended bitcoin payments due to concerns about environmental issues.
#Bitcoin is down ~50% from the November ATH, making this the second deepest drawdown in this halving cycle.
— glassnode (@glassnode) January 23, 2022
Corrections in 2017, and early-2021 were much shallower between 20% and 40%, whilst July 2021 reached a drawdown of -54%.
Live Chart: https://t.co/bglPBJAD7J pic.twitter.com/tB9U5ihpL5
A meme-coin dogecoin (DOGE), on the other hand, made its return to the 10 biggest digital currencies by market capitalisation, after surpassing polkadot (DOT) in total market value.
What is your sentiment on BTC/USD?
Other crypto news:
- Joe Biden's administration looks to release a government-wide strategy for digital assets in the form of an executive order as soon as next month, reports Bloomberg.
Quote of the day
New York mayor Eric Adams was asked how much money he lost by converting his first paycheck as an NYC mayor during the market downturn, to which he told CNN
CNN's @DanaBashCNN asks NYC Mayor Eric Adams about taking his first paycheck in crypto: "How much money did you lose and do you have any regrets?"
— The Recount (@therecount) January 23, 2022
Adams: "You buy low and hopefully you get the recovery that you desire." pic.twitter.com/yg0cD4quvw
Top coins by market capitalisation
As of 10:40 GMT
- Bitcoin (BTC) sunk 5.88% to $33,745.08
- Ether (ETH) plummeted 10.28% to $2,267.58
- Binance coin (BNB) crashed 10.37% to $345.66
Winners and losers
- Dogecoin (DOGE) made its return to the top 10 virtual coins by market capitalisation. The meme-coin reached $17,3bn market capitalisation surpassing polkadot (DOT) with $16,3bn capitalisation
- Solana (SOL) lost 19.42% over the last 24 hours
Read more: Will the crypto market decline continue in 2022?
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