BTC Sinks Below $41K In The Ongoing New Year Crash: Analysis

BTC sinks below $41K in the ongoing new year crash, sparking fears of further losses as we can see more in today’s Bitcoin latest news.

There’s more uncertainty in the crypto market as BTC dropped to an intraday low of $40,685 on Friday morning to levels not seen since later September in 2021. The benchmark cryptocurrency rebounded above $42,000 after recording a 1% drop In the past 24 hours. Ethereum as the second-biggest cryptocurrency by market followed along and dropped to a daily low of $3130 before reaching $3232, marking a drop of 3.9% over the day. The Fear and Greed Index is a tool designed to measure market sentiment for BTC and other major cryptocurrencies indicating that the market is in extreme fear with a 15 rating a few days ago, which is the lowest since July last year.
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The value went up to 18 on Friday with fears of prices dipping lower still evolving and the hashtag “bitcoincrash” still trending on Twitter. BTC sinks below $41K but if it breaks lower, things could get ugly with the lower thirties range being a possible destination. The co-founder of Nexo Antoni Trenchev noted that Bitcoin could even reach $30,000 as a possible destination. Trenchev recalled bitcoin’s consolidation period between the $30,000 and the $40,000 range adding that history can’t be ruled out with the FED tightening remains of the popular narrative.

The crypto market went into freefall earlier his week after a few minutes from the US FED meeting ended which only shows that the central bank could hike the interest rates as soon as mid-March. If the plan is pursued, this will mean that the FED will gradually drop its $8.8 trillion balance sheet by stopping printing money which will put Bitcoin’s appeal as a hedge against the fiat collapse to the test. The ongoing anti-government protests in Kazakhstan, the biggest hub for BTC mining are not overlooked either. The country is in a chaotic state with the government shutting down internet services in the country to quell unrest. About 16% of the world’s BTC miners went offline with the network’s hashrate dropping to 170 EH/s after reaching 203.5/EH/s at the start of January.