Bitcoin Price Drops Below $34,000

Bitcoin Price Drops Below $34,000

On Monday, January 24, the price of bitcoin continued to fall and reached levels near $33,000. Over the past day, the asset has fallen in price by 5.7%, and by 21.8% over the week, according to CoinGecko .

Currently, the first cryptocurrency is trading around $33,470. The total market capitalization is $1.6 trillion.  

Last week was the worst for bitcoin in eight months. On January 21, the quotes of the first cryptocurrency at the moment  fell below $37,700 , on Saturday – to $34,000. Relative  to the November high of $69,000,  the rate sank by 50%. Investors’ net realized loss exceeded $2.5 billion last Friday.

Following the flagship, Ethereum lost its position – over the past day, the coin has fallen in price by 10.1%. At the time of writing, the rate is in the region of $2230.

All assets from the top 10 by capitalization were in the red zone. Solana lost the most — 17.9%. Liquidations in the futures market have exceeded $384 million in the past 24 hours, according to  Coinglass .

The financial world is preparing for the upcoming Fed meeting on January 26. The members of the open market committee are expected to signal their readiness at the meeting in March, along with the final winding down of the quantitative easing program, to raise the key rate by 25 basis points. P.

Against this background, there is a sharp decline in stock indices. The composite index of the 600 largest companies in Europe Stoxx 600 at the moment fell by 2.1%. Futures on the S&P 500 lost 0.4%.

Against the backdrop of escalating geopolitical risks, Eastern European stock indices bear heavy losses. The dollar-denominated RTS index, which tracks 43 Russian companies, plunged 8.4%. 

Earlier, Bloomberg Intelligence senior commodities strategist Mike McGlone said the stock market  could correct by 10%-20% . According to him, the digital asset market will behave in a similar way, but bitcoin has a chance to grow to $100,000 this year.

Recall that the investment company Invesco  allowed bitcoin to fall below $30,000 in


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