Bitcoin falls $9,000 from newly minted all-time high

Posted: 11 January 2021 6:24 pm
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After doubling from $20,000 in less than 3 weeks, Bitcoin drops nearly $10,000 in a matter of days.

  • Bitcoin has shed a quarter of its value in just 24 hours.
  • Altcoins are also in freefall, with only two coins in the top 100 showing gains.
  • Elon Musk continues to tease markets with characteristically granular tweets about cryptocurrency.

Bitcoin is currently trading at $34,902 down over 11% on the day’s short-lived high of $38,908 according to price data from Coingecko. Bitcoin was trading as low as $30,608 in the past 24 hours, a loss of more than 25% from the newly minted all-time high of around $42,000.

How to buy Bitcoin

This represents the biggest single-day loss since March of 2020 when coronavirus news triggered panic selling across global markets. Given Bitcoin’s current prominence within the market, the rest of the overall market cap of cryptocurrencies has contracted by 22%, from $1.1 trillion to as low as $840 billion in just 24 hours.

Bitcoin price over the past 7 days showing a dramatic decline from $42,000 to as low as $30,000 in 48 hours.

Unsurprisingly the altcoin market is also in a tailspin, with the rout being lead by Ethereum, Litecoin and Bitcoin Cash all down by as much as 25% in the past 24 hours. Evidently traders are worried, with CoinGecko data showing a premium of a few cents on a range of stablecoins including DAI and USDT which suggests there is a rush to exit positions in favor of fiat-pegged coins.

Compounding the price dip for cryptocurrency markets has been a strengthening US dollar which has risen nearly 0.5% against the Euro and 0.63% against the Aussie dollar over the 24-hour period. In terms of Satoshi, Bitcoin’s smallest increment, the USD has gained one-third, buying 32 Satoshi – well up from the 24 Satoshi that one US dollar was buying on January 8.

The S&P 500 index is down 0.55% on the previous close and the NASDAQ is reeling by 1.15%.

Elon Musk lighting up the crypto world one tweet at a time

Elon Musk has gone viral again with another tweet about Bitcoin. Musk was replying to a comment by Ben Mezrich stating that he would never reject payment in Bitcoin in the future. Musk replied simply with “Me neither.”

Musk is labelled as the unofficial CEO of Dogecoin, a self-proclaimed parody coin, which soared by double-digits in December 2020 after Musk referenced the coin in a tweet. Musk, ever the prankster, has “Former CEO of Dogecoin” in his Twitter bio.

Musk nearly broke the Internet again in December of last year when he asked Michael Saylor if it would be possible to change the Tesla accounts over to Bitcoin. Michael Saylor is CEO of MicroStrategy whose Bitcoin buying strategy has seen its investments in Bitcoin grow into the hundreds of millions of dollars with the latest bull run.

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, keep your crypto safe with a hardware wallet and dive deeper with our simple guide to DeFi.

Disclosure: The author may own a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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