January 10th recorded the lowest price of Bitcoin, $BTC, since September 21st, 2021 after it briefly dove below $40,000 USD to $39,677.65.
It quickly rebounded up to $42,000 later in the day. Various analysts of cryptocurrencies stepped in to offer their perspectives on the dip.
John Iadeluca founder & CEO of multi-strategy fund Banz Capital stated that “the continuation of intense sell-offs, unexpected margin calls, and forced liquidations across the broad cryptocurrency market are driving Bitcoin prices below $40,000”
“January is also historically a month where Bitcoin has crashed substantially directly prior to the beginning of a subsequent bear market, which may be adding some downward psychological pressure on Bitcoin traders” he elaborated.
Internet and technology attorney, Andrew Rossow stated “It is my personal opinion that since the government has recently focused its attention on inflation, that it has created concern for consumers – it’s very easy to get stuck on previous market behavior.”
Describing the sell-offs as being part of consumers and investors expressing their that fear.
“The biggest takeaway we continue to see with these kinds of drops and subsequent consumer behavior based upon those drops is speculation and a fear that bitcoin will never recover.”
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