Bitcoin dumps to hit six month lows near $38K

According to Cointelegraph, Bitcoin was trading at $38,761 as of the writing of this post.

BTC isnt the only cryptocurrency to plunge today. Ether (ETH), Binance Coin( BNB), Solana/SOL, Cardano (ADA), Ripple (XRP), and Solana Coin (SOL) all suffered extreme corrections in between -6.3% and -10% over the previous twelve hours.

Bitcoin (BTC), which has dropped 7.5% over the past twelve hours, plunging to 6-month lows of $43,328 at 4pm UTC the other day and $38,258 today.

#BTC up by 4%, down by 9% in just 12 hours. The bears have complete control. To make $132 million in gains, they require #Bitcoin below $41,000.
— InvestAnswers, January 21, 2022 (@invest_answers).

Over 85,000 individuals follow the InvesetAnswers page. They suggest that bears require Bitcoin below $41,000 to make $132 million in gains.

Bitcoin is a mysterious currency. Bitcoin fell several times between $52,000 and $41,300 in between Sept. and Oct.

The price crash these days has actually decimated around $50 billion of the crypto market. Given that November 2021, when it hit a peak at $3 trillion, the overall crypto market cap has been slowly declining.

Investors are now questioning why the cost movement, in spite of not having any news to blame for the dump. Lots of financiers indicated macro indications. Tech stocks on Nasdaq are now in “correction territory”, and there are a number of predicted rates of interest boosts for 2022.

Related: BTC is likely to repeat Q4 2020 move– 5 Things to Watch in Bitcoin This Week

Forbes factor Billy Bambrough specified in a post today, that investors are rattled by recent announcements made by the Federal Reserve Bank about shrinking its balance sheet and raising rates of interest.
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Bitcoin is a mystical currency. Bitcoin fell numerous times in between $52,000 and $41,300 between Sept. and Oct. #BTC up by 4%, down by 9% in just 12 hours. It dropped 10% to $1.21. SundaeSwaps buggy launch today did not help matters.

ADA suffered the biggest total losses of any top-ten coin by market capitalization. It dropped 10% to $1.21. SundaeSwaps buggy launch today did not help matters.

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