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Bitcoin price drops below $40K again

Bitcoin price has dropped below $40,000 again today. This while the global stock markets are turning dark red again today.

Another dip below $40K

The Bitcoin price is at around $39,750 at the time of writing. That means that the BTC price has fallen by more than 5 percent today. The price is also more than 9 percent lower than a week ago.

BTC 1 hour per candle – Source: Tradingview

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Bitcoin is off to a slow start to the year

This is far from the first time Bitcoin price has seen a dip this year. In fact, the price has been falling all year so far.

At the beginning of the year, BTC was hit by trouble from several directions. On January 2, 2022, Kazakhstan was engulfed in political unrest, leading to an internet shutdown that in turn caused much of the Bitcoin mining industry to go offline.

Three days later, the US Federal Reserve announced it could accelerate the timetable for raising interest rates, which also contributed to Bitcoin’s slow start to the new year.

On January 24, 2022, Bitcoin hit its year-to-date 2022 low of $33,800. Since then, sentiment has turned somewhat more positive. partly due to the Super Bowl advertisements of FTX and Coinbase. However, the enormous amount of attention generated by the advertisements has not resulted in a further price increase.

It is not surprising that the crypto market is struggling. The conflict between Russia and Ukraine and the upcoming interest rate hikes are having a very negative impact on both the stock and crypto markets.

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