Highlights

  • Bitcoin down over 40% from record high
  • Crypto down over 12% just in 2022
  • Price of other popular crypto tokens like Ethereum, Solana, Cardano are also seeing deep cracks

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Bitcoin down to a three month low as constant selling seen

Bitcoin along with other cryptocurrencies continued the sharp downfall into the new year. Bitcoin fell testing the crucial $40,000 mark to levels not seen since September. This drop marks a cut of over 40% from the record high it set in November.

The fall is not restricted to Bitcoin, the second-largest crypto Ether dropped as much as 10% within the first week of trade in the new year, to the lowest level since Sept. 30.

Crypto volatility remained high as investors reduced their exposure to assets deemed to be risky after fears that the US central bank will start pulling money out of the economy.

The Bitcoin Fear & Greed Index, which measures sentiment among market participants, is at its lowest level since July. The low reading indicates market fear which is now shows “max fear” among the cryptocurrency traders.

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