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24 Crypto Update, 22 Jan: Is Crypto at the brink of a bearish trend

Key Takeaways
  • Bitcoin extended its downward trend on Monday, dropping below $40,000 for the first time this year.
  • Bitcoin hit a seven-week low on Monday, lingering below $40,000, as Ethereum maintained its position above $2,300.
  • The overall cryptocurrency market saw a 2.50% decline, resulting in a total market value of $1.65 trillion.
23-Jan-2024 By: Lokesh Gupta
24 Crypto Update, 22

Crypto lost 2.50% in the previous 24 hours, reaching $1.65 trillion.

  • On Monday, Bitcoin hit a seven-week low, staying below $40,000 for the first time since the introduction of 11 spot bitcoin exchange-traded funds on January 11th.

  • Anticipation surrounds the upcoming US central bank policy meeting, with expectations that it may offer insights into Bitcoin's future trajectory.

Major Events To Watch

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Crypto Fear and Greed:


The market saw increased selling pressure in the past 24 hours, leading to a 5-point drop in the "Greed and Fear Index." With a current score of 50 on the 0 to 100 scale, investor concerns are rising, indicating a shift toward greater caution in market sentiment.

Latest Market Update: 

  • Bitcoin dipped below $40,000 early Tuesday, hitting a low of $39,441 before recovering.

  • Other major cryptocurrencies, including Ethereum, Dogecoin, Solana, Ripple, and Litecoin, experienced widespread declines.

  • The SUI token emerged as the top gainer, posting a 24-hour increase of over 7 percent.

  • Astar suffered the most significant loss, with a 24-hour decline of over 10 percent.

  • The total cryptocurrency market volume in the past 24 hours surged by 96.95%, reaching $67.79B.

  • DeFi (Decentralized Finance) contributes $5.51B to the total market volume, constituting 8.12% of the 24-hour crypto market activity.

  • Stable coins collectively account for $62.37B in volume, making up 92.00% of the total crypto market volume within the last 24 hours.

  • Bitcoin's dominance stands at 49.81%, experiencing a slight decrease of 0.01% over the course of the day.

Major Worldwide News Update:

  • Bankrupt Celsius Networks is transferring a substantial amount of Ethereum to exchanges, including a $30.34 million deposit to Coinbase and a $5.13 million deposit to FalconX. These moves are part of the company's recovery plan amid bankruptcy, with over $125 million in Ethereum liquidated recently to repay creditors. The large Ethereum holdings and ongoing transactions contribute to market dynamics, impacting Ethereum's price, which has dropped below $2,350.

  • A US federal judge, Amy Berman Jackson, pressed the SEC during a hearing on the Binance case, seeking clarity on its stance regarding cryptocurrencies. Binance, facing SEC charges, argues lack of post-sale obligations and a need for clear SEC communication. The judge expressed concern about defining digital asset boundaries.

  • India has surpassed Hong Kong in stock market value, reaching $4.33 trillion, showcasing its growth potential and policy reforms. This equity market expansion may indicate a positive environment for the crypto market, reflecting broader economic growth and potentially boosting investor interest in riskier assets like cryptocurrencies.

  • The SEC's Twitter account suffered a SIM swap attack on January 9, falsely announcing approval of Bitcoin ETFs. The market briefly surged and then corrected. Elon Musk mocked the incident, while X denied system breach. The SEC reinstated two-factor authentication and launched investigations into the breach.

  • Congresswoman Maxine Waters is investigating Meta Platforms, formerly Facebook, over its trademark applications related to cryptocurrency services. Despite past assurances of halting digital asset efforts, the filings raise concerns, prompting Waters to seek clarification from Meta's CEO on their intentions and plans in the digital currency space.

  • As the New Hampshire primary nears, Donald Trump leads the Republican race with 55%, while Nikki Haley trails at 36%, according to various polls. Trump, actively involved in the digital asset market, gained over $4 million from NFT royalties, expressing opposition to a U.S. central bank digital currency.

COIN GABBAR Views: Will Bitcoin hit $38,000 after breaching the $40,000 level? Is Bitcoin a safe hedge against inflation? Can bulls save the day as Bitcoin price dives below $40,000? Anticipation surrounds the upcoming US central bank policy meeting, with expectations that it may offer insights into Bitcoin's future trajectory. 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, 22 Jan: Are Crypto Headed for a Bearish Retreat

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