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Why Is Bitcoin Price Falling Since The Starting Of This Year 2022?
2022-01-08 | Daniel Smith
The price of the leading cryptocurrency, Bitcoin (BTC), has dropped near to $42k from a peak of almost $47,700 on January 1st, 2021. As per CoinMarketCap statistics, the values of other major cryptocurrency tokens like Ethereum, Solana, Cardano, Binance Coin, and others look to be in the uncontrolled slide from the beginning of the New Year.
Retail bitcoin investors' joy has been muted by plummeting crypto prices. However, the negative price action in the cryptocurrency industry is really nothing new, and it should come as no surprise to die-hard crypto aficionados.
Bitcoin has been generally range-bound ever since the start of December 2021, as per Darshan Bathija, CEO & CO-founder Vauld. The present price dip, on the other hand, might be related to the uncertainty that all markets are experiencing.
While regular investors have remained mainly undecided about the asset, investment banks have increased their holdings.
Microstrategy, for instance, took the opportunity of the drop and acquired 1900 BTC valued at approximately $91 million on December 30, 2021.
The recent drop in cryptocurrency values, according to Alexander Cavendish, CEO of hedge firm Hedonova, is due to a shift of money from consumers to institutional investors.
Cavendish believes bitcoin prices will remain rangebound for several months before making a significant rise to $120,000.
"The shift from $4K to $60K was based on maintaining adoption; this step will be based on organizational adaptation," he explained.
Nearly every single leading crypto asset generated enormous gains to regular investors in 2021. Whilst the similar can be said for 2022, industry insiders anticipate some stability in the cryptocurrency industry this year.
