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The bitcoin price drops 15% in the past week until today Monday (04/01/2022) it still doesn’t look as stable. From the graph, the movement of Bitcoin still does not give any signs of starting to rise again. Even so, some miners are starting to feel uncomfortable because it is feared that the price of Bitcoin will drop drastically.
Not only Bitcoin, but it also turns out that this has an effect on the decline of other Cryptocurrencies. Like Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), and so on. Even an analyst warned that the price declines of Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), etc. would still occur.
Bitcoin Price Drops 15% In Last Week
In trading last Saturday, Coinmarketcap recorded a decline in the price of Bitcoin (BTC). The price of Bitcoin / BTC cryptocurrency, which is the cryptocurrency with the largest market cap, is at the level of US$ 36,346.36. Whereas in the last 24 hours, the price of Bitcoin / BTC plunged 6.25%. In 7 trading days, the price of Bitcoin / BTC was recorded at 15.19%.
The weak price of Bitcoin today caused the cryptocurrency to touch its lowest point in the last six months. Will the decline in the price of Bitcoin and other cryptocurrencies still occur this week?
Bitcoin price today is the lowest throughout 2022. Bitcoin price today is also the lowest since July 2021. Price declines also occur in other cryptocurrencies that are in the top 5 market cap groups. Ethereum price (second-largest market cap) is at US$2,604.54, down 11.73% in the last 24 hours. Within 7 trading days, the price of Ethereum plunged 21.12%.
Triv CEO Gabriel Rey said the potential increase in the Fed’s benchmark interest rate was the culprit behind the recent decline in the prices of various crypto assets, including Bitcoin / BTC. According to him, the decline in the price of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Dogecoin (DOGE), etc. will still continue considering that the new Fed tapering will occur in March.
In addition, the current lack of positive sentiment in the crypto market also contributes to the bearish trend. “Maybe what can lift the price of Bitcoin and friends is the approval of the Physical Bitcoin ETF. But there is also no indication of this happening in the first quarter of 2022,” said Gabriel.