bitcoinWith its loss in January, it has historically had its worst opening to a new year since the “crypto winter” of early 2018.
Bitcoin Spent Most of January with Losses
Bitcoin, the world’s largest cryptocurrency by market value, rose in just 11 days of January, according to data. In other words, BTC spent 65% of the month in decline. In addition, the downward trend continued in other cryptocurrencies. Leading altcoin Ethereum has lost 30% compared to the end of December.
After the record of $ 69,000 three months ago, the Bitcoin price entered a downtrend and regressed to $ 33,000 with the danger of the Fed’s interest rate hike. The bearish wave has swept away meme coins and even public domains along with BTC. cryptocurrency It even affected the company’s stocks.
According to the report published by CryptoCompare, the decline in the crypto money market also showed itself with low volume values: “With the danger of inflation in the USA and the implementation of tightening policies, macro sensitivity in terms of risky assets began to be felt. Digital asset investment products recorded net asset outflows for the first time since August. In January, the weekly output amount so far has been observed as 88 million dollars on average. The total amount of assets allocated for Bitcoin products has decreased by 23% since December.”
BTC price, which showed a recovery movement at the time of writing this article, is trading at $ 38,644.
*Not investment advice.