Bitcoin plummeted in just an hour and a half

According to CoinGecko, the value of the flagship cryptocurrency dropped by almost $ 1,000 in just an hour and a half yesterday. This happened two hours after bitcoin quotes reached $ 21,550. This mark was a four-month high for BTC $61,047.74 Bitcoin -1.54% Market capitalization $1.2 trillion VOL. 24 hours $1.32 billion Some cryptocurrency analysts attribute the sharp drop in bitcoin to a statement by the U.S. Department of Justice about tighter control over the digital asset industry. In addition, US Federal Reserve President Jim Bullard proposed that the central bank raise the interest rate by 50 basis points at its next meeting on February 1.

The situation around the cryptocurrency broker Genesis Global Capital, whose representatives are preparing to declare bankruptcy, played a role in the fall in bitcoin’s value. It is believed that the collapse of Genesis will have a bearish impact on the crypto market.

Other digital assets also reacted negatively to the latest news. Thus, ETH $3,423.57 Ethereum -0.96% Market capitalization $411.45 billion VOL. 24 hours $0.68 billion lost 3% of its value over the past day. SOL $142.52 Solana -4.67% Market capitalization $65.9 billion VOL. 24 hours $0.46 billion has fallen the most, with its quotes dropping by 6.2% in 24 hours.

Yesterday, experts from DocumentingBTC reported that bitcoin is close to reaching a ten-year record. In November 2013, the flagship cryptocurrency demonstrated a consistent positive movement of its value for 15 days, which was the longest such movement in the history of the Cryptocurrency. On Wednesday, the 14th day of positive growth dynamics began, but the fall in the value of BTC did not allow the flagship cryptocurrency to set a new record.