- Since November, Bitcoin’s market value has dropped by about $600 billion.
- Bitcoin is down 7.54% in the last 24 hours.
Crypto and financial markets have had a rough start in 2022. In light of the Federal Reserve’s recent announcement that it intends to raise interest rates three times this year, the current stock market declines have been widely blamed on the Federal Reserve. When borrowing money gets more costly, risky assets tend to suffer. A possible Russian conflict and the Omicron version are two more things that have heightened investor apprehensions.
BTC continued to lose ground on Jan. 22 as it seemed more likely that $30,000 and below would become a reality. Although Bitcoin’s relative strength index (RSI) for the day dipped to its lowest levels since March 2020, providing some respite. In the “oversold” zone, the RSI hovered at barely 20 on Saturday, significantly below the standard threshold. Even at $35,000 a coin, Bitcoin is the most prominent digital asset by market value and had dropped more than 40% from its high in November 2021.
Read More: Bitcoin Price Prediction
All Eyes on Upcoming Fed Meeting
Since November, Bitcoin’s market value has dropped by about $600 billion. As a once-obscure asset class with just a few users, digital assets like Bitcoin have grown in prominence, prompting questions about their long-term safety. A few have made a bold move similar to El Salvador by buying 410 BTC amid the dip.
The prominent crypto analyst Lark Davis asked his followers where the bottom of bitcoin is. Well, all eyes are on the upcoming Fed meeting on Jan 25, 26. According to CoinMarketCap, the Bitcoin price today is $35,486.06 USD with a 24-hour trading volume of $49,993,185,931 USD. Bitcoin is down 7.54% in the last 24 hours.