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Bitcoin Price Drops In February After January Surge

Summary: The price of Bitcoin has decreased by over 3% in the first 6 days of February 2023 after reaching a peak of nearly $24,000 at the end of January. Ethereum has managed to withstand the pressure better, losing less than 1% of its value in the same period.


Bitcoin price looked set to recover after an impressive start to 2023 but so far in February, the crypto asset has been losing value.


Likely again reaffirming the volatility of cryptocurrency, the apex digital money has ben having a bad couple of days. Starting the year at about $16,000, bitcoin price rose to a height of nearly $24,000 around the end of January.


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Market enthusiasts and analysts were all beginning to encourage bullish approaches but it seems that if you had waited a bit, you may have made the right decision. As of February 6, bitcoin is now trading for lower than $23,000.


Bitcoin price drop in February


Of course, the price is still expected to change soon, it will be hard to predict if it will move up or down. In the first six days of February, the asset has dropped by more than 3%. In the same period, Ethereum (o ether) has managed to withstand the pressure, losing lesser than 1% of its value despite having gained more since 2023 began.


There is also Tether, which is known as USDT, it has lost some of its value as well in the past week but the loss is very small. Meanwhile, BNB has continued to trade in greens since the past six months and maintained its growth this week as well. The coin is still struggling to break its $154,000 price mark on its way to reach its former peak of $261,000, which it attained during the lockdown period.


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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.