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24 Crypto Update, 21 Jan: Is the Crypto Realm About to Take a Dive

Key Takeaways
  • Crypto markets decline as Bitcoin ETF excitement wanes, with a busy economic week ahead, featuring the release of US quarterly GDP figures.
  • Bitcoin has rebounded from its recent low and is currently trading above $41,000, while Ethereum maintains a position above the $2,400 level.
  • Crypto market outlook uncertain despite positive economic signs; total market capitalization holds steady at $1.71 trillion over the weekend.
22-Jan-2024 By: Lokesh Gupta
24 Crypto Update, 21

Crypto market fell 1.70% in the last 24 hours, now at $1.69 Trillion.

  • Bitcoin held steady at $41,000 over the weekend as bulls and bears engaged in a market control struggle.

  • Speculation rises as X (formerly Twitter) reveals intentions for a specialized Payments account, sparking expectations of cryptocurrency integration.

Crypto Fear and Greed:

forex factory

In the last 24 hours, the market has experienced lateral movement, resulting in a 1-point decrease in the "Greed and Fear Index." The present score of 55 on the 0 to 100 scale suggests growing worries among investors, highlighting a trend towards heightened caution in market sentiment.

Latest Market Update: 

  • Bitcoin maintained its position above the $41,000 mark on Monday.

  • Other major cryptocurrencies, such as Ethereum (ETH), Dogecoin, Solana, Ripple, and Litecoin, experienced losses.

  • The Manta Network token stood out as the top performer, recording a 15 percent increase in the last 24 hours.

  • Chiliz faced the most significant decline among the cryptocurrencies, with a 10 percent dip over the same period.

  • Total crypto market volume in the past 24 hours: $57.58B, reflecting a 10.72% decrease.

  • DeFi total volume: $6.88B, constituting 11.95% of the overall crypto market 24-hour volume.

  • Stable coins' total volume: $51.9B, representing 90.12% of the total crypto market 24-hour volume.

  • Bitcoin dominance: 49.81%, marking a 0.21% increase during the day.

Major Worldwide News Update:

  • Terraform Labs, the company behind the now-defunct TerraUSD, filed for Chapter 11 bankruptcy in the U.S., citing $100-500 million in liabilities and assets. CEO Chris Amani expressed optimism, stating it's necessary for overcoming legal challenges. The move follows a SEC trial delay for co-founder Do Kwon's alleged fraud.

  • Debiex, a US exchange, is under investigation for reportedly exploiting romantic relationships to fraudulently obtain funds. The CFTC alleges misappropriation of crypto investments for personal gain. Debiex's pig butchering scheme, involving only five victims, led to over $2 million misappropriation. Authorities caution against crypto connections due to increasing scams, with romance scammers utilizing quicker tactics like targeted approval phishing.

  • Colorado pastor Eli Regalado, charged with fraud for selling a "worthless" cryptocurrency, admitted to pocketing $1.3 million, citing divine guidance for a "10X" return to followers. The lawsuit alleges extravagant spending on cosmetic dentistry, luxury items, and vacations, despite claims of financial hardship.

  • Ron DeSantis, a vocal opponent of central bank digital currency (CBDC), has withdrawn from the White House race, citing a lack of a clear path to victory. He expressed support for Donald Trump, who shares a similar stance against CBDC. DeSantis finished second in the Iowa primary.

  • Nethermind, an Ethereum infrastructure firm, has fixed a "critical" bug in versions 1.23-1.25 of its execution client that affected users' ability to process blocks. While considered a minor client, the incident has prompted discussions about diversifying away from the majority client, Geth, in the Ethereum community.

  • Evernode (EVR), a layer-2 scaling solution on the XRP Ledger (XRPL), experiences a network glitch due to a rapid increase in node hosts affecting transaction settlements. Despite challenges, this reflects growth, and Evernode aims to strengthen its protocol's bandwidth. Similar incidents have occurred with other protocols like Solana and Shibarium.

COIN GABBAR Views: Is the bull market set to continue, or will BTC break below $40K with a potential 15% drop as sellers breach the 50-day support? Are Bitcoin and Ethereum in the crossfire, and is now the time to buy, considering Bitcoin falters while altcoins display mixed signals?  To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto Daily Roundup, 20 Jan: BTC Finds Support, but Is the Worst Over

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