This is the first time Bitcoin has dropped below $39,000 since August 2021.
As the week came to an end, Bitcoin was looking (little) better. The price then plunged once more.
BTC fell back below the $40,000 price barrier after achieving slight gains on Thursday to reclaim its position above $43,000. According to CoinMarketCap, it didn’t stop until it reached $38,592, its lowest price since August 2 of last year.
Bitcoin is not alone in seeing an 11% drop. Over the previous 24 hours, Ethereum has lost 8% of its value, Binance Coin has lost 10% of its value, and Cardano has lost 9% of its value.
No currency or token in the top 20 by market capitalization (excluding stablecoins) has registered a weekly gain; the majority has reported double-digit losses. The overall cryptocurrency market cap is presently $1.83 trillion, down from $2.93 trillion on November 8. It has dropped by more than 7% in the last day.
However, things are bad elsewhere, with stock markets also experiencing a poor start to the year, owing to a mix of rising inflation, COVID-linked labour and supply shortages, and looming interest rate rises.
In Thursday trade, the Dow Jones Industrial Average fell about 0.9 percent, bringing its year-to-date losses to 4.5 percent. The NASDAQ, which is heavily weighted toward technology, is faring significantly worse. It is down about 10% for the year after dropping 1.3 percent on Thursday.
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