24 Hrs Crypto Update Jan 23:Global Crypto Market Witnes Roller Coaster

The broader crypto market became volatile 

and showed both gains & losses in the last 24 hours due to macroeconomic circumstances. As a result, Bitcoin, Ethereum, and Shiba Inu prices remain highly unpredictable.

At the time of writing, the global cryptocurrency market cap has surged 0.7% in the last 24 hours to $1.09 trillion. As per CoinGabbar data, the total crypto market volume in the last 24 hours was $76.7 billion.

The crypto market leader, Bitcoin price is currently trading at $22,988. This follows a 1.29% increase in the last 24 hours. As a result, its market capitalization stands at $443.54 million. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,630.4, which decreased by 0.36% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Polygon (MATIC) has decreased by 0.7% in the last 24 hours. MATIC is currently ranked 12th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of MATIC was trading at $0.9975.

In addition, the price of Solana decreased by 0.6% in the last 24 hours. SOL is currently ranked 10th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the SOL price was trading at $24.27.

Furthermore, Shiba Inu (SHIB) lose momentum and is currently trading at $0.00001202. It decreased by 0.41% 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 surge, the whales became active and began buying & selling assets at the same time, assisting the market in regaining a volatile momentum. 

Major Events Around the World

• As per an internal memo obtained by the media, Gemini, a cryptocurrency exchange, plans to let off 10% of its workforce. This comes after Gemini's clients were impacted by Genesis Capital's bankruptcy as a result of FTX's failure.

• Recent reports reveal that ChatGPT is capable of passing all three parts of the United States Medical Licensing examination. Hence indicating that such an AI-based application has enormous potential to flourish in any sector of the market.

• As per recent reports, the chief financial regulator in the state of New York will soon issue new guidance that will require businesses to separate the cryptocurrency assets of their customers from their own. 

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

Also read: Shiba Inu Price Increased by More Than 50% This Month | SHIB Army Awaiting For Shibarium Launch