Bitcoin Price Falls Again After Steep Dive Last Week: All You Need to Know

Bitcoin remains in the danger zone.

Bitcoin Price Falls Again After Steep Dive Last Week: All You Need to Know

Bitcoin remains in the danger zone and if $37,000 (roughly Rs. 27 lakh) breaks

Highlights
  • Bitcoin has had wild price swings
  • Other risk assets have fallen with stocks falling on Friday
  • Ether, coin linked to Ethereum blockchain network, dropped 6.7 percent

Bitcoin dropped again on Saturday and was last down around 4 percent for the day, hovering around the $35,000 (roughly Rs. 26 lakh) level.

Bitcoin, the world's biggest and best-known cryptocurrency, is now about half its $69,000 (roughly Rs. 51 lakh) peak in November. It was last at $35,049 (roughly Rs. 26 lakh), after falling as low as $34,000 (roughly Rs. 25 lakh) and following a steep fall on Friday. Bitcoin price in India stood at Rs. 29.4 lakh as of 10am IST on January 24.

The currency has had wild price swings and has been hit as risk appetite has fallen on inflation fears and anticipation of a more aggressive pace of interest rate hikes from the US Federal Reserve.

Other risk assets have fallen with stocks falling on Friday. The S&P 500 and Nasdaq recorded their biggest weekly percentage drops since the start of the pandemic in March 2020.

In a research note on Friday, Edward Moya, senior market analyst for the Americas at OANDA, said bitcoin was falling as "crypto traders de-risk portfolios following the bloodbath in stocks" and in advance of next week's Federal Reserve policy meeting.

"Bitcoin remains in the danger zone and if $37,000 (roughly Rs. 27 lakh) breaks, there is not much support until the $30,000 (roughly Rs. 22.3 lakh) level," Moya wrote on Friday.

Ether, the coin linked to the Ethereum blockchain network, dropped 6.7 percent to $2,396 on Saturday. Ethereum price in India stood at Rs. 2.04 lakh as of 10am IST on January 24.

© Thomson Reuters 2022


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Cryptocurrency Prices across Indian exchanges

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