The present crypto market is not showing good signs, with prices reaching new six-month lows. As with all crypto market movements, Bitcoin is at the forefront of the market low. However, all major tokens such as Ripple, Cardano, Polygon, Ethereum, and Dogecoin suffered losses. Cardano faced the single biggest loss with the present price of around $1.21. On UTC 4 AM on Friday, Bitcoin suffered its biggest lows in the past six months. Prices fell below the $40K mark and fell to $38,761. Similarly, Ethreum, Ripple, and almost the entire market suffered a downfall. Over the past few weeks, prices have constantly gone down and reached new lows. Amidst this bad market condition, only a few tokens have maintained prices and shown stability. However, the crypto community is not surprised at such a downturn, and many had predicted a similar movement at the beginning of 2022.
There can be many possible reasons behind the price drops of Bitcoin and other cryptocurrencies. When news of bull Raoul Pal selling all but one of his Bitcoins came out, many blamed the bull for single-handedly dictating prices of the market. Another school of thought does not blame individual bulls and instead seeks answers in governmental policies. The prospect of increased taxation and loan interest rates has curbed the adventurous spirit of many citizens in the US. They are now approaching a new phase of uncertainty and entering the market with more caution. However, experts agree that it is likely to be another correction and should not ring doomsday bells.