The Crypto Pullback Worsens As Bitcoin Falls Below $40K

The crypto pullback worsens as Bitcoin falls below $40,000 and Ethereum dropped below $3000 continuing the new year market slump so let’s read further in today’s cryptocurrency news.

Bitcoin had a difficult start to the new year and it now dropped below $40,000 for the first time since August 2021 so now the world’s biggest crypto by market cap dropped by 4.2% in the past day, shortly reaching $39,866. it managed to recover a little too above the $40,000 level and BTC dropped by 14% since January 1^st, 2022. Since its all-time high of $69,000 back in November in 2021, the number one cryptocurrency crashed by 41%. at the same time, the price of ETH dropped below $3000 to levels not seen since September a year ago as the crypto pullback worsens.

The Industry’s second-largest crypto lost 4.8% of the value in the past 24 hours and about 21.5% over the week as per the data on Coingecko. After hitting a daily high of $3227, ETH is changing hands at $2950 and two months ago it hit its all-time high of $4878. however, the latest price action brought a 38% loss for the coin since then. There are a few reasons why BTC started the year on the wrong foot, ranging from the unrest in Kazakhstan, the FED decisions, and crypto.com ads. Bitcoin faced its fair share of controversy in only two weeks of the new year.

Starting in Zhanaozen, the political unrest started to engulf Kazakhstan after the government lifted a price cap on petroleum gas which caused the gas prices to double. The resulting unrest was met with a nationwide Internet shut down which caused a huge chunk of the world’s BTC miners to go offline. This coincided with the BTC’s continued price decrease in January. Furthermore, the United States Federal Reserve announced it could accelerate the schedule for increasing the interest rates which means that the FED will stop printing money and will make it more expensive to borrow to keep the cap on inflation.

Bitcoin’s price as well as the ETH price on the overall market cap, fell after the news broke out. The unrest in Kazakhstan and the high-interest rates could be enough for the first two weeks of the new year but this doesn’t stop there.
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The mainstream discovered Crypto.com’s Matt Damon ad and started airing in October but the world was not impressed as one writer from the Guardian wrote:

“There isn’t enough yuck in the world to describe Matt Damon advertising a Ponzi Scheme.”