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Bitcoin dips below $17k as crypto winter refuses to thaw

Brian McGleenon
Updated ·2-min read
Illustrative image of two commemorative bitcoins seen in front of the Tesla car during a cold weather On Friday, January 7, 2022, in Edmonton, Alberta, Canada. (Photo by Artur Widak/NurPhoto via Getty Images)
The price of bitcoin has fallen below the previous threshold of $17,000. Photo: Artur Widak/NurPhoto/Getty. (NurPhoto via Getty Images)

Bitcoin was recently changing hands at $16,644, down 1.3% over the past 24 hours, but hunkering in just under its most recent support level of $17,000.

The worlds largest digital asset by market capitalisation dropped 1.5% in the past week, holding to its flat trajectory over the past two months.

From November 10 until now bitcoin has toed a line around the $17k mark.

Check: Crypto live prices

Bitcoin's (BTC-USD) slight fall in price came as investors continued their historical, year-end hibernation.

Other bluechip cryptocurrencies saw equivalent moves, with ethereum (ETH-USD) posting a 1.8% drop in the past week to $1,195.

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Most crypto prices remain frozen near the levels they've held for much of the past two weeks.

Read more: Worst crypto scams and 'coverups' of 2022

Chainlink (LINK-USD) dropped by over 4% in the past week to $5.75, and Cronos (CRO-USD) fell to $0.578.

Major memecoin, dogecoin (DOGE-USD), saw a price plummet on Wednesday, its value closely aligned with the fate of Tesla (TSLA) boss Elon Musk. Dogecoin tumbled to $0.07, down 5.7% in the past week.

The CoinDesk Market Index (CDI), an index measuring cryptos' performance, fell 1.15%.

The news comes after an announcement that bitcoin miner Argo Blockchain will avoid filing for bankruptcy protection, after it agreed to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital (GLXY) for $65m.

Read more: Web3: Venture capital still pouring into crypto, claims head of Outlier Ventures

According to crypto-news outlet Coindesk, the mining firm will also get a new $35m loan from Galaxy Digital which will be secured by Argo's mining equipment,

Argo's CEO Peter Wall said: "Over the last few months, we have been looking for a way to continue mining through the bear market, reduce our debt load, and maintain access to the unique power grid in Texas.

"This deal with Galaxy achieves all of these goals, and it lets us live to fight another day."

And entrepreneur Mark Cuban remains bullish on bitcoin, saying that he wants the price to continue decreasing.

“I want Bitcoin to go down a lot further so I can buy some more,” Cuban said on the comedian Bill Maher’s “Club Random” podcast.

Watch: Web3 sectors to watch in 2023 | The Crypto Mile