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24 Hrs Crypto Update, Jan 24: Global Crypto Market Drops Dramatically

  • The global cryptocurrency market shows bearish sentiments because of macroeconomic factors.

  • The prices of BTC, ETH, DOGE, and ADA showed losses in the last 24 hours.

25 Jan 2023 By : COIN GABBAR
24 Hrs Crypto Update

The broader crypto market drops significantly and showed losses in the last 24 hours due to macroeconomic circumstances. As a result, Bitcoin, Ethereum, and Shiba Inu prices showed bearish sentiments.

At the time of writing, the global cryptocurrency market cap has dropped 0.8% in the last 24 hours to $1.06 trillion. As per CoinGabbar data, the total crypto market volume in the last 24 hours was $77.27 billion.

The crypto market leader, Bitcoin price is currently trading at $22,600. This follows a 1.4% decrease in the last 24 hours. As a result, its market capitalization stands at $436.4 million. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,543, which decreased by 5.5% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Binance (BNB) has decreased by 3% 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 $299.2.

In addition, the price of Cardano decreased by 7.25% 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 $0.3504.

Furthermore, Dogecoin (DOGE) continues to lose momentum and is currently trading at $0.08292. It decreased by 6.8% in the last 24 hours.

What Turns the Crypto Market Bearish?

The global crypto market became bearish because of the massive movement of large whales. As per reports, after a brief volatility trend, the whales became active and started selling assets at market prices, assisting the market in regaining a bearish momentum.

Major Events Around the World
  • The Ethereum network has made progress toward the Shanghai upgrade. In preparation for the launch, the development team successfully deployed the first mainnet shadow fork. This will allow Ethereum validators to begin testing withdrawals and planning for when the upgrade hits the mainnet.

  • On January 24, Bloomberg published a detailed glimpse of Apple's highly anticipated mixed-reality headset. The device is expected to be released later this year under the likely name Reality Pro and will cost a whopping $3,000, as per the report.

  • As per statements presented in court by Celsius on Tuesday, the crypto-lending firm is considering issuing a new digital asset token to compensate creditors as part of its request to restructure and emerge from bankruptcy.

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

Also read: Whale Buys $1.52M Worth of Bone Tokens Ahead of Shibarium Launch