Bitcoin dumped strongly to $ 38,220, setting the lowest bottom since August 2021

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2022-01-22 09:01:11

The world’s number 1 cryptocurrency in the morning of January 21 continued to be strongly corrected to $ 38,220, setting the lowest bottom in the past half year.

Volatility of top cryptocurrencies at 10:45 AM on January 21, 2022, according to Coin360

Bitcoin in particular and the cryptocurrency market in general are experiencing another strong dump, following a series of days of decline.

Since recovering to $43,500 on the evening of January 20, Bitcoin has dropped by more than $5,200 in the last 12 hours, bringing the cryptocurrency down to just $38,361. This is the lowest price of Bitcoin since August 5, 2021, almost half a year ago.

Other top altcoins were also heavily corrected by Bitcoin, with Ethereum (ETH) down nearly 9% to $2,810, BNB down 10% to $418, SOL down 8% to $121, AVAX down 10% to $74 …

1D graph of BTC/USDT pair on Binance exchange at 10:45 AM on 21/01/2022

According to data from Coinglass, in the last 1 hour, there were more than 196 million USD of derivative orders liquidated, and in 4 hours it was nearly 384 million USD. The most liquidated coins are still Bitcoin and Ethereum. Up to 92.7% of these orders were long orders.

Cryptocurrency Liquidation Data on Derivatives Exchanges, According to Coinglass

The cause of the drop is still unclear. The crypto market in the past day has witnessed a lot of negative news, from the Central Bank of Russia proposing to ban cryptocurrencies, the Crypto.com exchange being hacked, the US Securities Commission wants to put pressure on regulation. from crypto exchanges to positive such as Twitter supporting NFT as profile picture or the Fed releasing an “open” report on the possibility of issuing digital dollars.

Some argue that the sudden decline in the cryptocurrency market may come from the fact that the US stock market is also falling, when the news that the Fed is about to raise interest rates to deal with inflation has made world Investors are no longer optimistic about the growth prospects of large companies in 2022.

On the morning of January 21, the Bitcoin network just experienced an increase in the difficulty of the mining algorithm up to 9.32%, thereby causing the difficulty of the mining algorithm to reach a record high. The high difficulty shows that the Bitcoin network has a large participation of many mining teams. This is considered an extremely strong reaction of the BTC network after the recent mining disruption in Kazakhstan, the country with the second largest Bitcoin mining hashrate in the world.

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