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23 January 2022
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Bitcoin

Bitcoin Rejected at $44K: Dogecoin Sees Monthly High Following Tesla News (Market Watch)

While bitcoin and most altcoins are deep in red today, Dogecoin stole the show with a double-digit surge after a Tesla announcement.

Bitcoin failed at conquering $44,000, and the subsequent rejection drove it south by $2,000. Most altcoins are also well in the red today, with Dogecoin being among the few exceptions. DOGE jumped by double-digits following news from Tesla.

Bitcoin Rejected at $44.5K

After the latest price drop on Monday, in which the primary cryptocurrency dumped below $40,000 for the first time in nearly four months, the asset started to reclaim value somewhat rapidly. It jumped to $42,000 before another leg up drove it to $44,000 on Wednesday as the US announced its highest inflation rate numbers in 40 years.

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After a brief retracement, BTC went back on the offensive and spiked to a weekly high of $44,500 yesterday. However, this is where the situation changed as the bears came to play hard.

Instead of heading further north, bitcoin dumped by more than $2,000 in hours. As of now, BTC has reclaimed a few hundred dollars, but it’s still around 3% down on the day.

As a result, its market capitalization has declined to just over $800 billion.

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