- Bitcoin’s price has fallen below $40,000 for the first time in 48 days, declining by over 14% from a recent peak of $49,000 on January 10th
- Trading volume has surged to about $2.6 billion, suggesting panic selling may be occurring as bitcoin’s price drops below $40,000
- The crypto market overall has declined, with major cryptocurrencies like Ethereum, BNB, Solana, and XRP falling between 6-9.4% amid bitcoin’s turbulence
The price of Bitcoin has fallen below $40,000 for the first time in 48 days. As of Monday, January 22nd, 2024, bitcoin’s value has declined by over 4%, culminating a two week drop of 14.2%.
The Start of the Decline
Since reaching a peak of $49,000 on January 10th, bitcoin’s price has struggled to maintain its position above $40,000. Over the last few days it dipped below this key psychological threshold, hitting $39,400 at 2:15pm Eastern Time on Monday.
Trading Volume Surges as Price Drops
With bitcoin’s price currently declining, trading volume has surged to about $2.581 billion as of 2:15pm ET. This significant increase from $1.658 billion at 8:00am suggests panic selling may be taking hold as bitcoin falls below $40,000.
Impact on Overall Crypto Market
Bitcoin’s fall has triggered a broader decline across the $1.59 trillion crypto market. Major cryptocurrencies like Ethereum, BNB, Solana, and XRP have dropped between 6% and 9.4% amid the turbulence.
The recent downturn has also filled a CME gap of around $39,600. Over $2.557 billion in Bitcoin futures contracts have been liquidated in the past day.
