--- title: "Bitcoin Is Down Really, Really Bad" description: "Bitcoin continues to tumble down, down, down." date: "2022-01-21" modified: "2022-01-21" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/bitcoin-down-bad" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "bitcoin" - "cryptocurrency" - "Stocks" - "the digest" --- # Bitcoin Is Down Really, Really Bad ![Bitcoin continues to tumble down, down, down.]() *\Image: Futurism\* ## London Bridge Bitcoin continues to tumble down, down, down. As [*The Wall Street Journal* notes](), Bitcoin has shown a tight correlation between the rise and the fall of the stock market, which is part of the story of its meteoric fall this week. But there are other factors at play as well, from [Russia's proposed crypto mining ban]() to the [US Federal Reserve's hesitation on creating a digital currency]() making headlines just as Bitcoin began to crash. All told, it's just another day in the chaotic world of crypto. https://twitter.com/garrett_geoff/status/1484598874140340225 ## What Did You Expect? Known [for its volatility](), Bitcoin's latest crash is still far from its lows last summer, when it plummeted to around $30,000 from a high of $60,000 (it's currently hovering around $38,000). Nevertheless, [investors are looking for scapegoats](), blaming pressure from Russia, China — which [has banned crypto trading]() and [mining ]()— and the Fed for this crash, which followed an equally-stunning rise around November. With Russia and the Fed's big decisions looming, they may have a point: Bitcoin's [value has fallen nearly 11 percent]() in the last 24 hours alone, which is certainly cause for concern for those who have been banking on its relatively steady rise in value over the course of the past few months. In the long run, of course, it's too soon to tell whether Bitcoin and other cryptocurrencies are going to continue to fall or spring back up. In the meantime, though, here's an analysis from Lil Wayne: ![]() *Image via Genius* **READ MORE:** [Crypto-Exposed Stocks Sink Amid Bitcoin’s Decline, Broader Market Rout]() \[*CoinDesk*\] **More on cryptopolitics:** [*Another Entire Country Just Banned Crypto Mining*]() ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()