24 Crypto Update,18 Jan: Market Unwinds as BTC ETF Enthusiasm Runs Dry
- Bitcoin, the world's oldest and most valuable cryptocurrency, dropped below $42,000 early Friday, marking the first significant market dip since December 2023.
- Bitcoin is striving to maintain support at $40,000, while Ethereum trades below the $2,500 level.
- The cryptocurrency market has seen a 3% decrease, resulting in a total market capitalization of $1.70 trillion.
Crypto market fell by 3% in the last 24 hours, hitting $1.70 Trillion
Bitcoin dropped below $41,000 for the first time since December, driven by a more than 13,700 BTC reduction in Grayscale's GBTC within 24 hours, amid rising competition from Bitcoin ETFs.
Profit-taking by investors in Grayscale's spot ETF, originating from the conversion of its main GBTC fund, may exert additional downward pressure on Bitcoin's price in the coming weeks.
Major Events To Watch:
Crypto Fear and Greed:
Over the past 24 hours, the market witnessed intensified selling, leading to an 8-point drop 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 has recently dipped below $41,000 for the first time since December and is currently struggling to hold the $40,000 level.
Notably, several leading coins, including Ethereum, Sui, Helium, ENS, and Terra Classic, witnessed panic selling pressure in the market.
Siacoin emerged as the top gainer and loser, with Siacoin experiencing a 2.65% increase in the last 24 hours.
while Sui faced a significant 12.89% dip during the same period.
Total crypto market volume in the last 24 hours: $54.64B, indicating a 5.43% decrease.
DeFi market volume stands at $4.82B, constituting 8.83% of the total crypto market 24-hour volume.
Volume of all stable coins amounts to $50.48B, representing 92.38% of the total crypto market 24-hour volume.
Bitcoin's dominance is currently 49.78%, reflecting a 0.08% increase over the day.
Major Worldwide News Update:
SEC delays Fidelity's Ethereum ETF resolution to March 5, 2024, extending evaluation period for proposed rule change. Ethereum price drops 3% amidst market sell-off, trading at $2,459. Unlike Bitcoin, Ethereum's ETF approval faces uncertainty due to SEC Chair Gensler's cautious stance on its classification.
Chainalysis notes 2023 crypto industry recovery, with reduced crimes and $24.2B illicit address value. Caution prevails due to pending figures, citing ransomware and darknet revenue increases. Sanctions-related transactions make up 61.5% of illicit volume. Despite a positive trend, December stands out as the worst month. UNODC underscores challenges in East and Southeast Asia, highlighting criminal use of chatbots and deepfake tech for cyber fraud.
Donald Trump is set to debut on Bitcoin Ordinals with Trump Digital Trading Cards NFTs. The limited edition series offers 1/1 MugShot Edition cards, with only 99 available for purchase. Non-transferrable until December 31, 2024, following the success of Trump's previous NFT ventures.
Bitcoin has surpassed silver to become the world's second-largest commodity ETF, reaching $27.5 billion in assets. BlackRock dominates as the leading ETF issuer, managing $2.58 trillion. The rise follows the debut of spot Bitcoin ETFs in the US. Analysts have mixed reactions, with some seeing it as a buying opportunity and others predicting a downturn, including economist Peter Schiff who notes bear market conditions for some Bitcoin ETFs.
Solana Mobile has received an impressive 30,000 pre-orders for its upcoming smartphone within 48 hours. The new edition will feature Snapdragon 8+ Gen 1, 12GB RAM, 512GB Flash, a 6.67” OLED display, an integrated crypto wallet, customized Android software, and a crypto app store, all at a lower price than the previous Saga model. The move aims to address demand for a more affordable Solana Mobile device and rectify flaws highlighted by tech reviewer Marques Brownlee.
U.S. Treasury Assistant Secretary Graham Steele calls for preemptive crypto regulations, stressing the importance of creating frameworks before crises. He references President Biden's executive order, emphasizing consumer protection and financial stability. Ripple CEO Brad Garlinghouse echoes the need to differentiate practical crypto uses from speculation. Steele discusses the FTX bankruptcy, emphasizing the importance of learning from past financial crises to avoid regulatory issues.
COIN GABBAR Views: Is Bitcoin on the brink at critical levels, potentially reaching $34,000 by halving? Will BTC manage to hold the $40,000 mark? Has the BTC ETF event concluded, and does selling on the Bitcoin ETF news dominate the current scenario? 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, 18 Jan: Is the Bull Run Ready to Bow Out
