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24 Crypto, 19 Jan: BTC Support Struggle: Is a Rebound on the Horizon

Key Takeaways
  • Friday's US consumer sentiment data for January brought surprise as the Michigan Consumer Sentiment Index climbed from 69.7 to 78.8.
  • Bitcoin recovered from its low and is now trading above $41,500, whereas Ethereum remains below the $2,500 level.
  • The cryptocurrency market witnessed a 1.30% increase, leading to a total market capitalization of $1.72 trillion.
20-Jan-2024 By: Lokesh Gupta
24 Crypto, 19 Jan: B

Crypto market rose by 1.30% in the last 24 hours, hitting $1.72 Trilli

  • Santiment, the on-chain data provider, delivers positive news to traders during tough market conditions. Despite the threat of Bitcoin dropping below $40,000, it has quickly bounced back, reclaiming the $41,600 level.

  • The CFTC in the United States has initiated a lawsuit against Debiex, a crypto platform, accusing it of orchestrating an online romance scam that defrauded customers of $2.3 million.

Crypto Fear and Greed:

forex factory

Over the past 24 hours, the market has traded sideways, leading to an 1-point up in the "Greed and Fear Index." The current reading of 51 on the 0 to 100 scale indicates heightened concerns among investors, underscoring a shift towards increased apprehension in the market sentiment.

Latest Market Update: 

  • Bitcoin recently dropped below $40,000 for the first time since December and is currently facing challenges in maintaining the $40,000 level.

  • Notable panic buying was observed in several leading coins such as Chainlink, Aakash Network, Litecoin, Astar, and Ethereum Classic.

  • Chainlink emerged as both the top gainer and loser, while Siacoin experienced a 9.05% increase in the last 24 hours.

  • Conversely, SATS encountered a substantial 6.91% dip during the same period.

  • Total crypto market volume in the last 24 hours: $63.57B, reflecting a 15.79% increase.

  • DeFi total volume: $5.67B, constituting 8.93% of the total 24-hour crypto market volume.

  • Stable coins total volume: $57.62B, representing 90.65% of the total 24-hour crypto market volume.

  • Bitcoin dominance: 49.58%, indicating a 0.24% decrease over the day.

Major Worldwide News Update:

  • Thailand's SEC has taken a significant step by removing investment restrictions on real estate-backed digital tokens, fostering innovation while ensuring investor protection. The SEC's proactive approach and global impact position Thailand as a leader in progressive digital asset regulation.

  • Gemini, a leading cryptocurrency exchange, has officially registered as a Digital Asset Service Provider (DASP) in France, strengthening its global position. Operating in over 70 countries, Gemini aims to make cryptocurrencies more accessible, aligning with France's growing interest in crypto-assets.

  • In the ongoing SEC lawsuit against Ripple Labs, Ripple opposes the SEC's requests for audited financial statements, post-complaint contracts, and details on XRP sales. Ripple argues the requests lack relevance and good cause, highlighting a shift in the SEC's stance on post-complaint conduct.

  • India's Union Budget for 2024, to be presented before general elections, will include the revenue budget, crucial for economic policies. The budget's focus on cryptocurrency tax, both direct and indirect, will impact revenue receipts and provide insights into the government's fiscal health.

  • The CFTC has filed a civil action against Debiex, accusing the crypto platform of orchestrating an elaborate $2.3 million romance fraud. The alleged scam involved deceptive tactics to induce victims to open and fund trading accounts with no actual trading taking place. The CFTC warns about romance scams and seeks restitution and penalties in its litigation against Debiex.

  • Elon Musk's xAI has secured $500 million in commitments from investors, marking significant progress towards its $1 billion funding target. Valuation discussions range from $15 billion to $20 billion, with potential alternative arrangements, such as computing power, being considered. Meanwhile, OpenAI, led by Sam Altman, is pursuing its own AI chip venture, seeking billions of dollars for semiconductor manufacturing facilities. The ongoing funding boom reflects the flourishing AI industry.

COIN GABBAR Views: Will BTC maintain the $40,000 mark amid a 10% weekly crash? Has the BTC ETF event concluded, and is the current scenario dominated by selling on the Bitcoin ETF news? 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, 19 Jan: BTC ETF Euphoria Wanes, Market Bleeds

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