The sharp drop seen this January 6th was not only felt in the price of Bitcoin, as most of the major altcoins are down more than 10% in the last 24 hours.
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Sharp fall in the price of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. this January 6th
We begin our price report for the morning of January 6th by highlighting the sharp drop seen in the price of Bitcoin ( BTC ), as the leading cryptocurrency lost 7.07% of its price in the last 24 hours, registering a value of USD $42,974 per unit at the time of editing.
As you can see in our section CryptoMarkets , the fall had its origins during the afternoon of yesterday, at the moment in which it was produced the further reduction when passing Bitcoin from about USD $46,000 to almost USD $43,000 between 1:00pm and 3:30pm (New York time). Since then, its price has been slowly but steadily declining to the previously mentioned levels.
The reasons behind the fall
While declines in the price of Bitcoin usually make part of a set of situations, in this case two events of special importance are identified, which are making their weight felt in the fall in the price of the main digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency.
Conflicts in Kazakhstan
The first of these has to do with the political conflicts currently taking place in Kazakhstan, which at their peak yesterday led to the local Internet service being cut off in order to limit the scope of the protests. This measure caused an abrupt drop in the levels of Hash a hash is the output result of a hashing algorithm, which creates a unique, fixed-length string to encrypt and secure a certain selection of arbitrary data. present on the network. Bitcoin, given that although it may not seem like it, the Asian country concentrates around 18% of the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. cryptocurrency activities.
According to the news agency BBC, protests in the country began last Sunday because of the increase in fuel prices, a situation that adds to the set of discomfort with the local government and detonated in a wave of protests taking place mainly in the city of Almaty.
New announcements from the FED
The other event has to do with the possible measures that the U.S. Federal Reserve (FED) plans to take, since the minutes published after the last meeting held by its team point to possible changes in the economic measures that have been maintained to date, which many analysts categorize as “a very unrealistic and unacceptable”. “very aggressive” in the context of the pandemic by COVID-19 and its new variantOmicron.
According to the media Forbes, among the changes that would be proposed by the FED mention is already made of the increase in interest rate spreads and a reduction in the agency’s balance sheets associated with investment in bonds and assets.
The release of the minutes of the meetings held in December not only weighed on the market an area or arena, online or offline, in which commercial dealings are conducted. of the main cryptocurrencies, but also the stock market is going down after these announcements.
Analysts and experts on the subject defended that the conditions previously implemented by the FED largely supported the rise seen in the market for major cryptocurrencies, as investors had more liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. to inject into the sector, so a change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. in these measures would have a strong impact given how volatile this space is.
Major altcoins also go down on January 6th
As many can imagine, the fall seen in the price of Bitcoin was also felt among the main exponents of this market, generating quite pronounced losses in certain cases.
With falls close refers to the closing price; similar to the same term used in stock trading. to and/or above 10% for the morning of January 6th we have the following cases of Ethereum a decentralized open-source blockchain with smart contracts functionality. ( ETH ), Binance Coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. ( BNB ), Solana ( SOL ), Cardano ( ADA ), XRP Polkadot ( DOT ), Avalanche ( AVAX ), Dogecoin ( DOGE ), Shiba Inu ( SHIB ), Polygon ( MATIC ) and many others.
Losers for this January 6th
Finally, with the exception of stablecoins, below we review which digital currencies had the steepest losses for this January 6:
???? Losing Cryptocurrencies:$ICP Internet Computer -21,54% (USD $29,58)$SPELL Spell Token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. -18,26% (USD $0,02)$AXS Axie Infinity -16,97% (USD $77,69)$LRC Loopring -16,76% (USD $1,71)$EGLD Elrond -16,64% (USD $206,66)
— Diario฿itcoin (@DiarioBitcoin) January 6, 2022
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Source: CryptoMarkets , CoinMarketCap
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