Bitcoin Drops Below $40K, Dragging Crypto Economy Below $2 Trillion – Markets and Prices Bitcoin News

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Around 10 p.m. (EST) on Thursday, Bitcoin price fell below the $40,000 region for the first time since September 21, 2021. Bitcoin fell to a low of $38,250 per coin during early trading hours on Friday. In addition, the market capitalization of the entire crypto economy has fallen below the $2 trillion mark, down 7.5% to $1.94 trillion.

Bitcoin is down 8% in the past 24 hours, down 40% from its all-time high in November

s price Bitcoin (BTC) It fell below the $40,000 area for the first time in 122 days. bitcoin Down about 8 percent in the past 24 hours, bitcoin has lost 21 percent against the U.S. dollar over the past month.

Bitcoin’s 24-hour price range is between $43,508 and $38,250 per unit. As of this writing, bitcoin The market capitalization is about $735.8 billion. Bitcoin’s market valuation is about 38% of today’s $1.94 trillion crypto economy, while Ethereum (Ethereum) with a market capitalization of 17.7%.

Bitcoin Drops Below $40K, Dragging Crypto Economy Below $2 Trillion
bitcoin/USD price on January 21, 2022 at 7:30AM EST.

Top trading pairs bitcoin Friday is Tether (USDT) accounted for 51.86% of all transactions. Tether is followed by the US dollar, accounting for 21.75%, and the stable currency BUSD accounting for 7.71%. BUSD is followed by EUR (4.86%), JPY (4.25%), KRW (3.05%) and USDC (1.69%).

The second largest crypto asset, Ethereum (ETH), down 9.1% in the past 24 hours and 29.1% in the previous month. EthereumThe 24-hour price range has been between $3,271 and $2,809 per unit.

although EthereumWith a dominance of 17.7%, it represents $340.9 billion of the $1.94 trillion crypto economy.Most important trading pair Ethereum Friday includes USDT (48.83%), USD (22.75%), BUSD (9.34%), bitcoin (6.07%), euro (4.38%) and won (3.32%).

Of all the 12,000+ crypto assets in existence, only 5 coins have gained weekly gains. Thetafuel, ftx token, bittorrent old, osmosis, and ecomi are still maintaining single-digit 7-day price increases compared to other crypto-economy.

The biggest losers this week include loop ring, pocket network, kadena, harmonic and near. All five coins lost 25% to 33% of their value in the last week.

Delta Exchange CEO Says ‘Overall Outlook Remains Bearish’, Globalblock Analyst Suggests Bitcoin May Be Undervalued

Friday morning, Pankaj Balani, CEO Delta Exchange, shared his analysis of Bitcoin’s current market price with Bitcoin.com News. The current outlook continues to favor bears, Barani said.

bitcoin It fell below the psychological support of 40K amid the continued sell-off of risk assets.Bitcoin has corrected about 40 percent this fall since hitting its ATH in November,” Balani said. “We look forward to bitcoin Find a bid near the 35K mark, close to 50% from the top. In the short term, we can rally to challenge the 45K-50K area, but the overall outlook remains bearish as liquidity remains tight. “

UK digital asset broker analyst Marcus Sotiriou Global block, indicating bitcoin It may be underestimated at the moment.

“It’s important to note that the crypto fear and greed index remains in extreme fear — which often represents a buying opportunity,” Sotiriou explained. “Furthermore, on-chain metrics continue to be bullish as the Net Unrealized Profit and Loss (NUPL), which shows the size of Bitcoin holders’ unrealized profit and loss as a percentage of market capitalization, is currently trading at 0.43, the lowest since July 2021. The level of profitability of the network.” The Globalblock analyst added:

This underscores the fear surrounding the market right now, as many capitulate overwhelmed. These indicators suggest that Bitcoin is undervalued at current price levels due to what happened in previous extreme fear events.

tags in this story

$1.94 trillion, $32,250, $40k area, analyze, bearish, bitcoin, bitcoin, bullish, cryptocurrency, Crypto assets, crypto economy, crypto price, Delta Exchange, digital currency, Ethereum, Ethereum, Global block, low price, Marcus Sotiriu, market, Pankaj Barani, low price, price

What do you think of Bitcoin price action and other crypto market moves today? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News for Bitcoin.com News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.




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