Things were looking (slightly) up foras the week rolled to an end. Then the price came crashing back down.
After posting modest gains on Thursday to reach back above $43,000, the price of BTC plummeted back below the $40,000 price barrier. It didn’t stop until it reached $38,592, according to CoinMarketCap, its lowest point since August 2 of last year.
That 11% drop is hardly unique to Bitcoin.is in the midst of an 8% decline over the last 24 hours, said goodbye to 10% of its value, and took a 9% loss.
No coin or token in the top 20 by market cap (not counting) has posted a weekly gain; most have double-digit losses. The total cryptocurrency market cap now stands at $1.83 trillion compared to $2.93 trillion on November 8. In the last day, it is down by more than 7%.
Things are bad all over, though, with equities markets also having a rough start to the year thanks in part to a combination of high inflation, COVID-linked worker and supply shortages, and impending interest rate hikes. The Dow Jones Industrial Average was down nearly 0.9% in Thursday trading to put its year-to-date losses at 4.5%. The tech-heavy NASDAQ is faring much worse. After losing 1.3% on Thursday, it’s down nearly 10% for the year.
U.S. stock markets have the advantage of closing this weekend. As crypto advocates will tell you, Bitcoin never sleeps. But maybe it should consider taking a break from this brutal January.