The whole cryptocurrency market declined by a whopping 9% in the latest record. The most popular digital coin in the world suffered from an 8.8% crash as many cryptos nosedived.
Bitcoin Price Crash
The world's largest cryptocurrency suffered from an unexpected plunge following its quick free-fall below the $40,000 mark, according to The Independent. Some crypto experts said that this drop could signify a huge change for investors.
While it is alarming to see this scenario for Bitcoin, we might feel that the "crypto winter" is drawing closer. This 2022, this cryptocurrency has suffered from its worst record, to begin with. This might tell that it could suffer from even worse all-time lows in the future.
Its most recent performance is entirely far from what it did over the past two months. In November 2021, Bitcoin ditched the price crash after hitting its all-time high record of nearly $70,000. However, its value is now 44% below that number.
According to bitcoin purists, their favorite crypto would bounce back as a barricade for the ongoing high inflation. Cryptos continue to become unstable as they plunge to another level each day despite this event.
Crypto Crisis Hits Ether and Other Coins
In another report by Livemint, the overall crypto prices have dropped below the $2 trillion mark. CoinGecko wrote at that time that the market only recorded $1.98 trillion, which accounts for a more than 5% decrease.
The second biggest crypto, ether saw a significant drop at $2,861 (over 8%), according to Coindesk. While it skyrocketed to nearly 400% in 2021, its January record alone exposed its quick fall off at over 18%.
Meanwhile, popular meme coin Dogecoin fell to $0.15 or more than 8%, while its counterpart Shiba Inu plunged to $0.000026 in valuation.
Solana, along with Stellar, XRP, Tether, Litecoin, and other coins, experienced a huge loss at around 3 to 10% after the 24-hour mark. Binance coin was down at 9% at that moment.
Crypto Crackdown
In the same report, Livemint wrote that tighter regulations around cryptos are currently in the process. Amid skepticism, Russia proposed its decision to ban digital coins this year, including Bitcoin mining and other related activities.
This is in contrast with Jack Dorsey's plans to build a crypto mining system for everyone. The team behind Block is now preparing it this year, per Tech Times.
Recently, Google Pay cards will soon store cryptocurrencies after its official collaboration with Bitpay and Coinbase.
Following this decision, the search engine titan is looking forward to incorporating the virtual coin wallet in the community and extending its service aside from being a usual payment service.
Google Pay president of commerce Bill Ready clarified that the company has no intention to become a bank. They wanted to happen to connect more towards the consumer finance industry.
This article is owned by Tech Times
Written by Joseph Henry
