The global cryptocurrency market shows bearish sentiment after an announcement by the US Justice Department.
The prices of BTC, ETH, DOGE, and ADA show losses in the last 24 hours.
At the time of writing, the global cryptocurrency market cap has dropped 1.6% in the last 24 hours to $0.995 trillion. As per CoinGabbar data, the total crypto market volume in the last 24 hours was $85.42 billion.
The crypto market leader, Bitcoin price is currently trading at $20,696. This follows a 2.16% decrease in the last 24 hours. As a result, its market capitalization stands at $399.15 million.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,516.9, which decreased by 3.12% in the last 24 hours.
The price of Binance (BNB) has decreased by 4% in the last 24 hours. BNB is currently ranked 5th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of BNB was trading at $288.
In addition, the price of Cardano decreased by 4.61% 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 $0.3299.
Furthermore, Dogecoin (DOGE) continues to lose momentum and is currently trading at $0.0805. It decreased by 3.5% in the last 24 hours.
The global crypto market has turned bearish because of macroeconomic factors. According to an official announcement, the US Justice Department announced the establishment of a major worldwide cryptocurrency enforcement action on Wednesday.
As a result, the US equity market also showed bearish sentiment in its yesterday’s (Jan 18) trading session, indicating a correlation between the two markets.
As per a Reuters report, the German-based Neobank N26 has announced the extension of its cryptocurrency trading services. The bank aims to expand its services to European countries like Germany, Switzerland, Ireland, Belgium, and Portugal.
According to an official blog post dated January 18, Coinbase announced the suspension of its operations with current customers. The platform also announced plans to thoroughly review its operations in Japan.
Genesis Global's parent company, Digital Currency Group, has announced that it will no longer issue quarterly dividends in order to reduce expenses.
COINGABBAR Views: If the current trend continues, the market will fall further. The bearish trend in the market has persisted for some time and appears to be continuing, as indicated by the current influx.
