Ever since China has announced that it will soon get be using or allowing the use of cryptocurrency, the prices of this particular virtual asset have started to fall rapidly in the market. Over the last 24 hours on 10th January, the market has been down by 0.91%. Last year was quite profitable for cryptocurrency and this year is showing that the prices are quite turbulent and dangerous for the investors.
The market price of the cryptocurrency was down by almost 4.17% over the last 24 hours on 10th January. Bitcoin prices were down by 4.3%, Ethereum was down by 5% and Solana came down by 7% and more as the prices continued to dip. To get started trading cryptos, visit this website.
We have to know why the prices are still dipping in the market and what can be the right way to bring up the price. Let us check out one famous coin and the reasons for their dips.
What is the price of Bitcoin now?
- 10th January had shown that the prices of Bitcoin became lower again after 1 year.
- It had reached the lower threshold value of $40,000 which created lower confidence levels among the investors and traders.
- The trading value of the largest cryptocurrency in the world was about $40,975.53 (£30,154.45).
- There was a severe and strong fall of 2% during this period.
- The treating value of the digital currency was listed by 16% by this point.
- The 24-hour trading volume of Bitcoin came up to $23,045,677,290 on 10th January.
- After this drop, there was a fluctuation in value among $41,000-$42,500.
- Stable values started to arrive by Wednesday morning.
- The prices of Bitcoin had been fluctuating for quite a long time and the recent high of $52,100 was achieved in 2021.
- The sudden plummet in the world of cryptocurrency prices was also noted with a difference in prices of the Ethereum platform.
- There have been some recent games of $15,000 in terms of cryptocurrency.
- This has completely wiped off the board for Bitcoin as it had reached the landmark high of $70,000 in November of 2021.
Why is the crypto market down?
- The crackdown in terms of the cryptocurrencies in China had come after Elon Musk made the sudden announcement that his company will no longer be accepting cryptocurrency in the market.
- Musk had announced in February of 2021 that his company will be accepting Bitcoin as payment for his electric cars.
- This was announced after the company had already bought off about L $1.5b shares of Bitcoin.
- It caused crypto values to rise up in the market.
- It also increased the market popularity of Tesla.
- Tesla had later announced that the effect which is caused by mining Bitcoin is very harmful to the society and the environment.
- As a result, they withdrew their claim of accepting Bitcoin for payment.
- The billionaire CEO had said that he is indeed very concerned about how the transactions are leading to wastage of electricity and this is going to affect global climate change as well.
- This can be considered as one of the worst emissions which any fuel can cause.
- Musk has mentioned that cryptocurrency has a very strong future.
- Since Elon Musk was one of the prime advocates of cryptocurrency in the market, his step back had become one of the reasons for the crashing of the prices.
- Digital currencies began to have their prices lowered.
Which crypto prices are down?
- Bitcoin did not feel the values that have been quite lowering for quite a bit of time.
- There had been 10 dips in total and Bitcoin was not one of them.
- Dogecoin, which had been set up at the market along with the joke, had seen the prices skyrocket with Solana in 2012.
- Tesla ruled the market with the solid influence of some companies such as Facebook, MasterCard, and PayPal.
Cryptocurrency can easily be considered as an alternative form of currency in the present market. However, the credibility of cryptocurrencies is based entirely on the decisions taken by other important companies in the market. When Elon Musk the CEO of Tesla has turned away his eyes and ears some Bitcoin, surprises started to reduce at a very sharp level.