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Bitcoin Suffers Biggest Drop in Four Weeks, Nearing $40K
The 6.6% drop for the largest cryptocurrency was bitcoin’s steepest since Jan. 21.
Bitcoin (BTC) plummeted in late trading Thursday to below $41,000, the biggest daily dip since Jan. 21.
BTC was changing hands at $40,983 at the time of publication.
STORY CONTINUES BELOW
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- "Bitcoin was the victim to a major de-risking environment on Wall Street as investors view short-term geopolitical risks and potential overly aggressive [Federal Reserve monetary] tightening as a risk to all risky assets," said Edward Moya, senior market analyst at the foreign-exchange brokerage OANDA.
- Bitcoin is down 6.6% on the day after a roller-coaster week of trading.
- The largest cryptocurrency by market capitalization posted its strongest gain in weeks on Wednesday before Thursday's skid.
- Markets are currently weighing growing tensions in Europe as Russia continues its standoff with Ukraine.
- Other popular cryptocurrencies including ether (ETH) and solana (SOL) posted losses both near 7%.
- The price drop extended bitcoin's losses so far in 2022 to about 13%.
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Brian Evans
Brian is a recent graduate from CUNY Journalism with a master's in the business and economics concentration. He interned with Conde Nast last summer and worked with Inc. Magazine through the fall semester. He spent the fall covering Starbucks and wrote extensively on the union push in Buffalo as it gained traction.
