CryptoNews

Bitcoin Plummets Below $40K for First Time in 48 Days, Triggering Market-Wide Crypto Slide

Bitcoin Value Plummets Below the $40K Mark

On Monday, Jan. 22, 2024, the value of bitcoin fell below the $40K mark for the first time in 48 days, as per market analysis. In the last 24 hours, bitcoin witnessed a 4% decline, with a 14.2% decrease observed over the preceding two weeks.

Bears Take the Reigns—Bitcoin Falls Under $40K Amid Market Turbulence

Since early December 2023, specifically since Dec. 5, 2023, bitcoin’s price has remained above the $40K threshold. The leading crypto asset in terms of market value reached a peak of $49,000 on Jan. 10, 2024. However, this high was short-lived. Subsequently, the price descended to the $45K bracket. Over the recent days, it has struggled to maintain its stance in the $40K territory, eventually dipping below this threshold at 2:15 p.m. Eastern Time (ET) on Monday afternoon.

Currently, the value of bitcoin has dropped to approximately $39,400, with a trade volume of about $25.81 billion at 2:15 p.m., a significant increase from the $16.58 billion recorded at 8:00 a.m. (ET). Short-term indicators reveal that bitcoin (BTC) is undergoing a downward trend, marked by heightened volatility and a notable decline in its worth. The surge in trading volume during this downturn hints at a possible panic-induced selling spree, especially as the price falls below the $40,000 level, a key psychological support point.

Must Read: BTC Developer Targets Ordinal Inscription ‘Exploit,’ BlackRock Tweaks ETF Filing

The recent dip in BTC’s price has also filled a CME gap that existed around the $39,600 mark. In the hour following the plunge, bitcoin long positions amounting to $25.57 million have been liquidated, with $65.78 million in BTC longs eliminated over the entire day.

This downturn in bitcoin’s value has triggered a ripple effect across numerous cryptocurrencies, contributing to the overall $1.59 trillion crypto market economy’s 3.02% decline on Monday. Ethereum has dropped by 6%, BNB by 4.5%, SOL by 9.4%, and XRP has seen a 4.7% decrease in the same timeframe.

Source: Bitcoin

Related posts
GamingNews

Nintendo Direct features Endless Ocean, Shin Megami Tensei and others

GamingNews

Xbox confirms all four new multiplatform games

GamingNews

Gadget-Bot takes Kaidro anime RPG to Ronin blockchain

AI & RoboticsNews

Arm unveils Arm Neoverse CSS V3 chip designs for AI efficiency gains

Sign up for our Newsletter and
stay informed!

Worth reading...
GBTC Sees Over 80,000 Bitcoin Leave in 12 Days While Rival ETFs Amass 118,000 BTC