Market

Virtual currency market fell again, Bitcoin fell to $35,000, Solana fell another 17%

Virtual currency market fell again, Bitcoin fell to $35,000, Solana fell another 17%

Bitcoin fell to $35,000 as the cryptocurrency market continued its sharp decline since late last week.

 January 24, the price of the largest digital currency fell almost 4% to 34,744 U.S. dollar. In the last 7 days, Bitcoin is down almost 20%.

The red color spread to other cryptocurrencies as well, Cardano fell another 11%, Solana fell 17%, while Terra plunged 9.5%. Over a 7-day period, these digital currencies all fell more than 20%, with Solona in particular falling 40%.

The decline of the virtual currency market also occurred at the same time as the stock market. Edward Moya, Chief Financial Officer of London-based consulting firm Oanda, believes the cryptocurrency market has been hit hard by stock market selling pressures.

“Wall Street is no longer debating whether to switch from tech stocks to cyclical stocks (stocks that move with trends in the overall economy). Instead, the market was massively sold out,” commented expert Moya.

According to him, Wall Street investors have two major concerns. “First, inflationary pressures are unlikely to abate anytime soon and it’s possible that the US Federal Reserve (Fed) will become too aggressive in tightening monetary policy,” Mr Moya said.

Another concern is that earnings growth expectations appear to have gotten too high, prompting a sell-off. “Geopolitical risks are also contributing to the selling pressure,” Moya said.

“Bitcoin price plummeted as investors rushed to remove risky assets from their portfolios after stocks plummeted,” the Oanda expert explained. Therefore, instead of seeing Bitcoin as “digital gold,” traders view the coin as a risky asset.

“Crypto markets got a big shock this month,” said Jonathan Padilla, co-founder of Snickerdoodle Labs. Even Bitcoin’s notable supporters are beginning to worry.

Billionaire Mike Novogratz – famous cryptocurrency investor – admitted on Twitter: “This will be the time when people realize that the job of an investor is not easy.”

But, in his opinion, if prices drop sharply, investors will look for ways to “buy the bottom.” “They understand that crypto is not going away. So they need to buy it before the price goes up again,” Novogratz added.

Now, some experts are starting to ponder a scenario where Bitcoin falls into the 30,000-32,000 price range U.S. dollar, can even drop to 20,000 U.S. dollar.

Hayden Hughes, Managing Director of Alpha Impact Company in Singapore, commented, “Liquidized margin positions add pressure as cryptocurrencies held as collateral have to be sold in order to sell collateral and pay margin loans.”

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Logan Paul Net Worth: Famous YouTube Star And Boxer

Logan Paul has consistently ranked among the highest-earning YouTubers worldwide. In this article, let's explore…

3 mins ago

Not Pixel Review: Discover the Engaging Art Game on Telegram

After the success of Notcoin, Not Pixel is the latest project that is attracting the…

5 mins ago

Tonhub Visa Card Brings TON and USDT Payments to EU Users

The Tonhub Visa card was launched, enabling the user to pay directly with his balance…

9 mins ago

BTC and ETH Options Expiry Sparks Volatility, Revealing $3.7B Notional Value

According to the Greeks.live, there was a significant expiry event this week, as 344,000 BTC…

1 hour ago

Bybit Expands Shunyet Jan’s Role to Drive Institutional Growth

Dubai, United Arab Emirates, 8th November 2024, Chainwire

1 hour ago

Upbit Expands Solana DEX with New DRIFT Trading Pairs

Upbit's planned listing includes DRIFT trading pairs for the Korean Won, Bitcoin, and Tether.

2 hours ago

This website uses cookies.