Bitcoin Dropped Below $38,500
On Friday, January 21, the price of Bitcoin fell below $38,300, -7% in the last 24 hours, according to data from CoinGecko.
At the time of writing, the first cryptocurrency was trading near $38,200.
Over the past 30 days, the price of the first cryptocurrency has fallen by 20%. Since hitting a November high of $69,000, Bitcoin dropped 43%.
After Bitcoin fell, Ethereum and many altcoins slid down as well. The ETH/USD exchange rate fell by almost 12%. At the time of writing, the asset is trading near 2760.
Binance Coin altcoin prices fell 10%, Cardano fell 9.7%, and Polkadot fell 9.5%. The total capitalization of the cryptocurrency market decreased by 7%, to $1.94 trillion.
Liquidations in the futures market have exceeded $716 million over the past 24 hours, according to Coinglass.
And The Fear & Greed Index fell to 19 (extreme fear), which indicates the prevalence of bearish sentiment in the market.
Bloomberg Intelligence senior commodities strategist Mike McGlone said earlier that the stock market could correct by 10%-20%. According to him, the digital asset market will behave in a similar way, but Bitcoin has a chance to rise to $100,000 in 2022.