Bitcoin Futures Expired Last Week, Did It Affect $10 Billion Plunge of Crypto Markets?

On Jan. 29, the valuation of the crypto market plunged by more than $10 billion within a 48-hour period, from $121 billion to $111 billion.

Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) recorded losses in the range of 5 to 10 percent against the United States dollar, demonstrating poor momentum.

Throughout the past several months, the cryptocurrency market has demonstrated volatility in a low price range, unable to break out of key resistance levels.

What were the major factors of this week’s drop?

While some analysts have said that the drop was triggered by technical factors over fundamental, speaking to Cointelegraph, former hedge fund manager and investor Danny Les stated that the crypto market has been in a bear market for over a year and conditions will not change until the market establishes a proper bottom.

“Technical or fundamental, it makes no difference. I’ve been saying this for over a year now, we are bearish and will continue to be bearish until the market finds a point where buyers are waiting en masse.”

In mid-December, the price of Bitcoin achieved a new yearly low at $3,122, and at the time, analysts including Three Arrows Capital CEO Su Zhu