Bitcoin prices dropped 18.36% in January as bitcoin opened the calendar year with its worst start in 8 years. We rounded up how ethereum and dogecoin did too:
Cryptocurrency like bitcoin BTCUSD, -0.56% and ethereum ETHUSD, -0.75% have skyrocketed in popularity in recent years, and are now traded by both retail investors and big companies like Citibank and Tesla TSLA, -0.58%.
“There haven’t been investors willing to come in to buy the dips like we had earlier in the year, ” Anthony Denier, CEO of trading platform Webull, recently told MarketWatch. “With little new capital coming into the market it’s hard to see when this turns around.” Russia perhaps added to the short-term fears for bitcoin and other cryptocurrencies, as the country’s central bank issued a harsh report on cryptos, including a potential ban on mining and trading.NFL player Odell Beckham Jr. made headlines in November 2021 when he decided to convert his $750,000 salary into bitcoin. That move and subsequent dip for bitcoin prices cost Beckham a large portion of his salary.Similar to bitcoin, ether prices slumped in January. Ether prices dropped 25.
“We believe that as the digitization of the world continues to happen, ethereum is the network for that,” Kelly said.
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