Crypto prices crash during the holidays mostly, but this year, the prices were low even during Martin Luther King day. A U.S national holiday that marks the civil rights activists’ efforts for nation-building.
Bitcoin, the most esteemed and popular coin in the game, stalled at less than $42k after hitting an all-time high in 2021. This has been a long series of losses for Bitcoin losses that have been going on since August of last year. Ether also closed at less than $3,200, and most of the stable coins were also in the red.
Equity markets remained shut on account of the holiday, but even they are not safe. S&P 500 fell by 2.2% and the Nasdaq also slumped by 4.8% just before the holiday. The New York Times also blames the CDC’s lack of clarity on how to deal with Omicron as to why every market is suffering.
The CEO of Delta Exchange said that Bitcoin fell due to there being no demand for the coin at this moment. The risk of the coin going below $40k is less, so barely anyone is looking to sell their coin. And when it goes below that, there might be buyers.
It’s not only that bitcoin is suffering, most stable coins have been in the red over the past few days. Some did show signs of recovery but nothing of value. If you have been planning to get into the crypto game, right now is the best time to do so.