BTC to Go Below $30K in January, Crypto Liquidations Amounts to $725M!

EU Parliament Approves New Legislation Banning Non-custodial Crypto Wallets
  • Crypto market crashes again on January 21,2022.
  • BTC hit a 6 months low of $38K. 
  • Leads to the entire crypto sector a liquidation of $725 million.

Just when all were the high hopes for the year 2022 to brighten up, overcoming the 1st market crash of 2022, tragedy strikes again. Yes, on January 21, 2022, just with the start of the day the entire market collapsed down once again. This accounts for the second market crash for January 2022, and obviously the second for the year 2022.  In spite of this, one of the worst affected is our king, the Bitcoin (BTC). BTC stumbles down from around $43K to a dead low of $38K, within hours.

Following the same, as BTC drops, all altcoins suffer miserably, ultimately leading to entire market collapse. Furthermore, this causes the entire crypto industry to liquidate about $725 million. 

BTC Below $30K in January

As many expect the year 2022 to be entirely prosperous, hope ends in disappointment though. Being just about a week of trying to come up from the first market crash, unexpectedly the market crashes once again. 

BTC was trading around $43K to $42K the week, merging slowly out from the crash. However, events took a turn as with the start of January 21, 2022, BTC collapsed down adversely. In a few hours, BTC hit a six-month low of $38K. 

However, the main reasons many terms for such massive repeated crashes may be in the account of the rumors around the new digital currency and crypto report, which will be out soon. Many predict that the new report will be incomplete support to the crypto industry, even as acknowledged by Fed chair Jerome Powell. Yet, a few constraints to this and depicting the new report will be even harder. Accordingly, Russia’s sudden decision to completely ban crypto and its mining accounts is a vital reason for this current market crash. In addition to all this, certain skeptical analysts term that BTC will be coming down to even $30K, that too by the end of January 2022.

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.