Bitcoin (BTC) has had a difficult start to the new year, and it has now fallen below $40,000 for the first time since August 2021. 

The world’s largest cryptocurrency by market cap dropped by 4.2% in the last day, briefly touching $39,866.71; it’s since recovered slightly to above the symbolically important $40,000 level.

Bitcoin has fallen by a total of about 14% since January 1, 2022. Since its all-time high of $69,000 in November last year, the flagship cryptocurrency has fallen by an eye-popping 41%. 

At the same time, the price of Ethereum (ETH) fell below $3,000 on Monday to levels not seen since September of last year.

The industry’s second-largest cryptocurrency has lost 4.8% of its value in the past 24 hours, and as much as 21.5% over the week, according to data provided by CoinGecko.

After hitting a daily high of $3,227, Ethereum is now changing hands at $2,950 at press time. Just two months ago, on November 10, Ethereum hit an all-time high of $4,878; however, the latest price action shows that the asset has lost 38% of its value since then.

Interestingly, the non-fungible token (NFT) market has continued to surge despite bearish events around Ethereum.

Just last week, for instance, the leading NFT marketplace OpenSea saw its second-best month in terms of transaction volume. Its latest funding round also values the company at a whopping $13.3 billion.

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There are several reasons why Bitcoin may have kicked off 2022 on the wrong foot, ranging from unrest in Kazakhstan and controversial ads to decisions made by the Federal…

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