24 Hrs Crypto Update, Jan 16: Global Crypto Market

The broader crypto market turned volatile and showed

both gains & losses at the same time in the last 24 hours due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, and Shiba Inu remain unsteady.

At the time of writing, the global cryptocurrency market cap has surged 0.2% in the last 24 hours to $1.03 trillion. As per CoinGabbar data, the total crypto market volume in the last 24 hours was $73.86 billion.

The crypto market leader, Bitcoin price is currently trading at $21,088. This follows a 1% increase in the last 24 hours. As a result, its market capitalization stands at $409.1 million. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,565.3, which increased by 0.89% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Polygon (MATIC) has increased by 3.25% in the last 24 hours. MATIC is currently ranked 10th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of MATIC was trading at $1.013.

However, the price of Cardano decreased by 1.1% in the last 24 hours. ADA is currently ranked 8th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the ADA price was trading at $0.3483.

Furthermore, Shiba Inu (SHIB) continues to lose momentum and is currently trading at $0.00001048. It decreased by 3.2% in the last 24 hours.

What Turns the Crypto Market volatile?

The global crypto market has turned volatile because of the massive movement of large whales. As per reports, after a brief bullish momentum, the whales became active and started buying & selling assets at the same time, assisting the market in regaining a volatile momentum.

Major Events Around the World

• The National Tax Agency of Japan has established guidelines for taxing NFT transactions, including those using blockchain gaming. The authority issued the guidelines, which offer a simplified approach to taxing these large and frequent transactions.

• The Bank of Thailand has announced plans to establish virtual banks to operate in the country. As per a Bloomberg report, financial firms will be able to provide services by 2025.

• A popular NFT influencer on Twitter, “NFT God,” saw his entire digital livelihood compromised after clicking on a phishing ad link on Google. The influencer said that the hackers took a significant portion of his net worth.

COINGABBAR Views: If the current trend continues, the market will remain unsteady. The volatility trend in the market has persisted for some time and appears to be continuing, as indicated by the current influx.