Since the beginning of the year, Bitcoin’s overall market value has dropped by $62 billion, or almost 7%, from $878 billion on January 1 to $816 billion on Thursday, January 6. With a 39.7% share of the global cryptocurrency market dominance, Bitcoin is now selling for $43,080, a decrease of 7.10% in the past 24 hours and 8.38% in the previous week, according to CoinMarketCap statistics.
Expert opinion
Immediately upon publication of the minutes of the December meeting of the U.S. Federal Reserve (Fed), the cryptocurrency market plunged. After starting a record asset-buying program in 2020, when the coronavirus pandemic first surfaced, the government said in 2022 that it would gradually decrease its $8.3 trillion balance sheet. Consequently, up to $110 million of BTC longs were liquidated in 15 minutes and wiping out roughly $315M of perpetual futures open interest in 30 minutes, crypto futures in total worth over $812 million were liquidated, leaving cryptocurrency trading experts divided on what’s next for the digital asset. Lead Insights Analyst Will Clemente stated: Whereas, Kaleo a renowned crypto trader, revealed: He added:
The global crypto market cap
As a result of the Bitcoin price crash, in turn, it has affected the overall market, with the total market capitalization of all cryptocurrencies standing at $2.05 trillion, representing an 8.58% decrease over the previous day. Over the past 24 hours, volume is $158.2 billion, representing an 82.61% increase from the previous day. DeFi is presently $23.72 billion, reflecting 14.99% of the total 24-hour volume in the cryptocurrency market, whereas the volume of all stable currencies is now $131.95 billion, 83.41%. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
