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24 Crypto Update,23 Jan: Will the Market Bleeding Ever Cease

Key Takeaways
  • Bitcoin witnessed a significant decline, briefly dropping below $40,000 to reach $38,500, driven by substantial sales associated with the Grayscale GBTC Bitcoin ETF.
  • Bitcoin hit a seven-week low, remaining below $40,000, while Ethereum held its position under $2,250.
  • The entire cryptocurrency market experienced a 1.80% decrease, leading to an overall market valuation of $1.62 trillion.
24-Jan-2024 By: Lokesh Gupta
24 Crypto Update,23

Crypto currency fell 1.8% in the last 24 hours, hitting $1.62 trillion

  • Analysts caution investors not to expect swift regulatory approval for a spot XRP ETF, despite potential interest from ETF issuers.

  • Ark Invest COO Tom Staudt indicated the possibility of an Ethereum ETF in the near future during discussions with finance experts.

Major Events To Watch

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Crypto Fear and Greed:


Over the last 24 hours, the market experienced heightened selling activity, resulting in a 2-point decrease in the "Greed and Fear Index." The current score of 48 on the 0 to 100 scale is situated below the midpoint, suggesting a move towards increased caution in market sentiment.

Latest Market Update: 

  • Bitcoin, the world's oldest and most valuable cryptocurrency, experienced a drop below the $40,000 mark early Wednesday, extending its recent period of decline.

  • Other prominent coins, including #Ethereum, #Dogecoin, #Solana, #Ripple, #Litecoin, all recorded losses across the board.

  • The $AKT token stood out as the top performer, showing a significant 14% increase in the 24 hours.

  • Conversely, $ORDI emerged as the biggest loser, facing a 15% decline in the 24-hour timeframe.

  • The total #cryptocurrency market volume for the past 24 hours stands at $73.76 billion, reflecting an 8.68% increase.

  • DeFi's total volume is currently $5.99 billion, constituting 8.12% of the overall 24-hour volume in the cryptocurrency market.

  • The combined volume of all stable coins has reached $67.31 billion, representing a substantial 91.25% share of the total cryptocurrency market volume over the past 24 hours.

  • Bitcoin's dominance is presently at 50.38%, marking a 0.56% increase over the course of the day.

Major Worldwide News Update:

  • SEC's Hester Peirce, "Crypto Mom," says court isn't needed for Ether ETF approval, influenced by Grayscale lessons. Decisions for entities like BlackRock, VanEck pending. Chances of $ETH ETF approval by May estimated at 70%. Morgan Creek Capital's Mark Yusko less optimistic, citing SEC's overall crypto industry hostility. SEC Chair Gary Gensler emphasizes spot #Bitcoin ETF approval doesn't guarantee approval for other crypto ETFs.

  • Republican Senator Colleen Burton introduced Senate Bill 662 in Florida, targeting Bitcoin and virtual currency kiosks. The bill mandates state registration and supervision, bringing crypto ATMs under regulatory scrutiny. It defines terms like "Virtual currency kiosk" and "Wallet," emphasizing customer risk disclosure. The US, hosting 83% of global crypto ATMs, sees growing regulatory efforts.

  • Strike CEO Jack Mallers, despite calling cryptocurrencies "garbage," emphasizes Bitcoin's enduring value, citing its open global utility and regulatory clarity. He sees Bitcoin as a secure investment compared to other cryptocurrencies amid regulatory uncertainties. Mallers views government debt as a potential driver for fiat debasement, making decentralized assets like BTC crucial. While BTC faces a current market dip, the approval of ETFs and anticipation of the 2024 Halving indicate a promising future.

  • Analysts believe a spot $XRP ETF approval faces significant hurdles, citing the ongoing SEC case against Ripple and the absence of approved XRP futures ETFs. They suggest SEC concessions on XRP's security status or a leadership change may be necessary. Optimism from XRP enthusiasts contrasts with analysts' skepticism.

  • Grayscale's consistent selling of Bitcoin, transferring over 8.5 million $BTC ($335.19 million) to Coinbase, contributes to downward pressure on Bitcoin's price. If negative sentiment persists, BTC may revisit $30,000, just above the crucial $29,000 level. Breaking these support levels could shift market structure, with attention on the upcoming halving event in April for potential momentum.

  • 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: Is Bitcoin facing a critical test as it slides below $40,000, and can the $40,000 support sustain this week? Where might the next stopping point be amid the ongoing BTC price decline? How long is the anticipated continuation of Bitcoin's fall, and are indicators signaling numerous roadblocks to recovery? 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, 23 Jan: Is Bitcoin Heading into a Bear Market

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