Meanwhile, the US market is closed and opens in Asia are negative. We review the live Bitcoin price and the prices of the top 25 crypto. In addition, we give the overview of bad news for BTC, Doge and crypto in general that is causing these price drops.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price drops, prices top 25 crypto also negative
At the time of writing, the live Bitcoin price is EUR 35,861.31 ($40,681.633). This is 2.36% lower than during our Bitcoin update yesterday.
The prices of the top 25 crypto are also negative with one exception (if we exclude the stable coins). This exception is Cosmos (ATOM), which posted a 5.46% gain in 24 hours. The biggest loser today is Algorand (ALGO), which is down 8.43%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
The drop in crypto prices is due to the fact that quite a bit of bad news was shared during opening hours of the US market. We list the biggest news.
3 times bad news for Bitcoin and crypto causes price drop
There were two instances of general bad news to note and separate bad news for Bitcoin (BTC) and Dogecoin (DOGE). We list the news items.
Will Russia pass a crypto ban?
Russia has already had a ban on crypto payments in place since 2020. There has also been a ban on investing with crypto currencies in Russia since a month. Today a proposal for a further ban is added. Based on environmental concerns, they want to directly ban Bitcoin mining. They also want to ban financial institutions from facilitating transfers of crypto.
If this ban is implemented, Russia will become the 10th country to completely ban crypto after Algeria, Bangladesh, Egypt, Iraq, Morocco, Nepal, Qatar, Tunisia and China. In addition, there are 42 countries with partial crypto bans, although they do not seem to be equally successful everywhere.
The question is whether Russia can actually implement a successful cryptoban. After all, as we saw yesterday, the crypto community is able to move mining capacity quickly and Russia does not have a worryingly large share of mining either. Also, the ban on crypto transactions is circumvented in practice. Still, a report that such a large audience (144.1 million people) will no longer be allowed to trade in crypto causes concern.
Will Dogecoin (DOGE) be the SEC’s next victim?
There was also bad news for Dogecoin (DOGE). Jim Cramer, host of the popular crypto CNBC show Mad Money sent out a Tweet that caused a stir. Namely, he claims that Doge is a security and that the SEC will take action because they are not in compliance with securities rules.
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please be careful with Dogecoin…It is a security. It will be regulated. We will find out how many there are and how many are being created each day to make money for the exchanges.
– Jim Cramer (@jimcramer) January 20, 2022
Needless to say, this tweet is causing hefty reactions in the crypto community. People are eager to recall Cramer’s earlier positive posts about Dogecoin (DOGE). People also remind Cramer that he himself is not getting the best return on his investments. Yet Cramer sees his rightness confirmed, as evidenced by a later tweet, which read as follows:
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We are experiencing relentless program selling…. Just powerful “get out of Dodge” selling by the minute
– Jim Cramer (@jimcramer) January 20, 2022
Of course, at such a moment we immediately check the account of ‘Mr. Doge’, Elon Musk, but there is no response there (yet). Witness the current price of Dogecoin (DOGE), which stands at a loss of 4.65% at $ 0.1559. In any case, investors do not have a good feeling about the coin.
Hack at crypto.com causes unrest in crypto market
Finally, the crypto exchange Crypto.com announced that it fell victim to a hack last Monday. In the process, 483 users experienced wrongful debits of crypto coins from their wallets. The transactions were approved by the system without these customers having provided the necessary two-factor authentication.
Despite taking immediate action, shutting down trading and taking more security measures, the hackers managed to capture 4,836.26 ETH, 443.93 BTC and some $66,200 worth of other crypto. At the exchange rate at the time, the total loot thus amounted to more than $30 million. The company reports that many transactions were stopped and that affected customers have since been compensated. Although the time of stock market crashes after a hack has been over for some time now, this news increased the unrest among investors. We are therefore curious to see whether the market will recover quickly from this new correction.
Want to stay informed about the latest stock price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly price forecast might be a reading tip.
Note: We never give financial advice, so our contributions should not be interpreted as such. Always do your own research and decide rationally if, when, what and how much you want to invest in.
