Bitcoin price on Friday dropped below $40,000-mark for the second time this month
Bitcoin slumped to $38,838.04 at 1150 hours IST, down by 7.51 per cent in the last 24 hours, according to CoinMarketCap
- Last Updated:January 21, 2022, 12:16 IST
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Bitcoin price on Friday dropped below $40,000-mark for the second time this month. The world’s largest cryptocurrency slumped to $38,838.04 at 1150 hours IST, down by 7.51 per cent in the last 24 hours, according to CoinMarketCap. The recent tumble in the cryptocurrency market drageed Bitcoin to the lowest level in more than five months. The cryptocurrency token lost some $1 trillion in value since its all-time high of nearly $69,000 in November last year.
The slump in the cryptocurrency world was fuelled by the latest decision of US Federal Reserve to tighten monetary policy at a faster pace than expected. Amid the low severity of the Omicron variant and centra banks effort to revive the economy to normality, US Federal Reserve may raise rates three times this year, a Reuters poll suggested.
“Bitcoin gave a breakout on the downside of the range, early this month and started going down by forming a ‘Lower Top Lower Bottom’ pattern making the low of $39,650. The asset has made a ‘DOJI’ candle at the support of $39,600 (September low from where the earlier rally started) and has shown signs of recovery. Currently, the asset is making a series of small ‘Doji’ candles with low volumes which indicates indecisiveness. A break below $39,500 will lead to further downfall and the prices can slide to $35,000 levels,” said ZebPay trade desk.
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Source: News18