Bitcoin Price Falls to $3500 After Poor Weekend

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On Saturday, the price of the Bitcoin rose to $ 3,758, but the next day it dropped sharply. The total market capitalization decreased from $124 billion to $ 119 billion.

On Monday, January 21, the average market price of Bitcoin dropped to $3,500, for the past day the main cryptocurrency has fallen in price by 4%. Two days ago, the value of the coin exceeded $3,758, and on Sunday afternoon it dropped sharply. Bitcoin capitalization sank to $ 63.8 billion. Crypto market capitalization fell by 4%, from $ 124 billion to $ 119 billion. At the moment, most of the digital money is still in the “red zone”.

Top 5 cryptocurrencies started week in red

Top 5 cryptocurrencies in terms of capitalization, started this week in red. At the time of writing, the price of Bitcoin is below $ 3,600 price point. According to the Coinmarketcap, the price of the main cryptocurrency is currently hovering just above $ 3,540, a decrease of more than 3.8%. Bitcoin capitalization sank to $ 63.8 billion.

The news that negatively affected the cryptocurrency market the most, was the fact that the manufacturer of mining equipment, the Japanese company GMO Internet Group, suffered great losses in 2018 and ceases development and production of equipment for mining. It is expected that in the near future, the Bitcoin price could test new lows.

The most noticeable decline in value was on Ethereum chart – ETH price fell by more than 6%, to $116 price point. Last week , a planned hardfork, Constantinople, did not take place on the Ethereum network, because of the discovered critical vulnerability in one of the improvements. Using this bug, hackers could repeatedly enter the same function and withdraw funds from the user’s account indefinitely.

At the end of the week, January 18, the Ethereum developers have agreen on a new day to perform hardfork – the update should be performed at approximately block 7 280 000, which will be produced at the end of February, expected on the 27th.

About Mantas Malukas

Mantas is the founder of DappLife, crypto investor and an online entrepreneur who has professionally immersed in digital publishing and development for over a decade.