Bitcoin Price Drop Below $39,000, About $716M of Positions Gets Liquidated

Bitcoin price fell below $39,000 today, January 21, continuing a downward trend. The world’s most popular and largest cryptocurrency by market capitalization fell more than 7% to $38,802. Bitcoin has dropped by more than 14% since the beginning of the year.

Meanwhile, the worldwide cryptocurrency market valuation fell more than 5% today, falling below $2 trillion to $1.98 trillion, according to CoinGecko.

According to CryptoRank, “about $716M of Positions Gets Liquidated Due to BTC Drop Below $39,000.”

On the other side, Ethereum, the second-largest cryptocurrency fell below the $3,000 barrier. It fell by more than 8% to $2,861. The token increased by almost 400% last year, compared to Bitcoin’s rise of 60%; nevertheless, it is down more than 18% in January.

Similarly, the price of Dogecoin plummeted by more than 8% to $0.15, while Shiba Inu declined by nearly 7% to $0.000026. Binance Coin was down 9% at $423. Other cryptocurrencies, like Cardano, have dropped more than 11%, while XRP, Polkadot, Tether, Litecoin Solana, Terra, and Stellar have all been down 3-10% in the previous 24 hours.

In recent days, the crypto market has experienced a number of regulatory obstacles as skepticism about the fast expansion of digital assets spread throughout the world.

The US Securities and Exchange Commission is anticipated to focus heavily on cryptocurrency exchanges in 2022. According to Bloomberg, Russia’s central bank may also work on recommending a ban on Bitcoin mining and crypto trading activities.

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