Market Analysis: Bitcoin Drops $2K After Failure at $40K

Written by C, Fiona

Last updated: 2022-03-16

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While Asian stocks plunged today and yesterday, bitcoin had tried to hit $40,000, but still to no avail.
Bitcoin had tried to go out at $40,000, but eventually stopped short, falling nearly $2,000.

Interestingly, this price drop comes amid a sharp drop in Hong Kong’s benchmark index, the Hang Seng, which slumped to a six-year low today.

Bitcoin Failed at $40K

The past several days were relatively calm for the primary cryptocurrency. It consolidated around $39,000 with just a few brief moves up and down.

As reported yesterday, the asset fell to $37,500 before it spiked back up to the aforementioned level. In the following hours, bitcoin went in the other direction and pumped to just under $40,000.

However, it failed once more and declined by more than $1,500 and currently sits at just over $38,000. As such, its market capitalization has dropped slightly to around $730 billion.

The past few days have been relatively quiet for the major cryptocurrencies. It consolidated about $39,000 through just a few brief ups and downs.

As reported yesterday, the asset dropped to $37,500 and then rallied back to those levels. Over the next few hours, Bitcoin turned the other way and rose to just under $40,000.However, it failed again, dropping more than $1,500 to its current price of just over $38,000. As a result, its market cap has dropped slightly to around $730 billion.

Meanwhile, Asian stock market volatility has increased amid concerns that Chinese companies could face scrutiny if China helps Russia go to war against Ukraine.

Hong Kong’s Hang Seng Index fell the most, dropping more than 6% to a six-year low. Its technology subsidiary, the Hang Seng tech Index, plunged double digits in its worst trading day since its inception in 2020.