Bitcoin’s price collapse on Friday has reverberated throughout crypto market, with leading cryptocurrencies continuing to suffer losses at the start of the week.
BTC fell more than $10,000 between Friday and Monday, reaching as low as $33,184, according to CoinMarketCap’s price index.
The losses mean the world’s most valuable cryptocurrency is now worth less than half the record peak it experienced in November.
The overall market is down by a similar margin, with $1.5 trillion wiped from it in just two months. It has led to fears that a ‘Crypto Winter’ is underway, similar to the ones seen following the 2013 and 2017 bull markets.
Ethereum (ETH), Cardano (ADA), Binance Coin (BNB) and Ripple (XRP) have all failed to recover from the crash, though analysts are divided over which way the market is heading from here.
You can follow all the latest news, analysis and expert price predictions in our live blog below.
Bitcoin price crash prompts McDonald’s memes
As is customary now following a severe price dip, McDonald’s memes are doing the rounds on social media.
The meme became popular following last year’s crash, after a screengrab of a fake tweet from the fast food giant went viral. It stated: “Hey crypto bro’s we got you… Apply below.”
Among those sharing the meme this time around is El Salvador President Nayib Bukele, who went as far as changing his profile picture on Twitter, and prominent market analyst PlanB. Both have predicted big things for bitcoin in 2022, though not necessarily in this direction.
Anthony Cuthbertson24 January 2022 14:04
Bitcoin price ‘at most oversold’ since pandemic crash
We’ve heard from Marcus Sotiriou, an analyst at the UK-based digital asset broker GlobalBlock, who claims certain market indicators could actually signal a good buying opportunity.
“Bitcoin has reached its lowest level on the daily RSI (Relative Strength Indicator) technical indicator since March 2020, which was the time of the Covid crash,” he says.
“Also, the weekly RSI currently sits at 37, which is usually considered as indicating the price is oversold. The fact that every bear market bottom for bitcoin has ranged between 29-35 on the weekly RSI suggests that the risk/reward is advantageous for buying in this area if you believe in the long-term value of this asset class.”
Anthony Cuthbertson24 January 2022 12:48
Bitcoin price takes another tumble
Bitcoin is now down more than 50 per cent from the all-time high it experienced in November, after taking another tumble on Monday morning.
The latest slide marks a dramatic reversal in fortunes for the cryptocurrency, mirroring a similar fall in mid 2021. BTC went on to recover to new record highs, but not before falling by another 10 per cent or so. The next few hours and days will prove crucial to determining whether bitcoin can ride this storm as well as it did last year.
We’ve reached out to some crypto market experts and should be hearing from them shortly.
Anthony Cuthbertson24 January 2022 11:49
Hello and welcome…
to The Independent’s live coverage of the crypto market. Following a dramatic price crash at the end of last week, we’ll be bringing you all the latest news, analysis and expert price predictions for bitcoin (BTC), Ethereum (ETH) and other leading cryptocurrencies.
Anthony Cuthbertson24 January 2022 11:38