Bitcoin experienced a 1.06% loss on January 24, with a current trading price of $39,650. This is a decrease of $170 in the last 24 hours. According to market analysts, the introduction of Bitcoin ETFs has made it easier to enter and exit the investment vehicle, resulting in continued selling pressure in the crypto market.
In the same time frame, Ether also saw a decline of 5.38% and is now trading at $2,213. Shivam Thakral, CEO of BuyUcoin, suggests that users may have sold their positions to secure profits and then re-entered the market in anticipation of the next rally. This has led to notable drops in both Bitcoin and Ether, causing a decrease in the overall crypto market cap. The next potential market mover could be the US Fed’s announcement of a rate cut, which they have signaled will occur by the end of 2023.
The trend of losses continues for most cryptocurrencies this week, including Binance Coin, Cardano, Solana, Ripple, Avalanche, Tron, Polkadot, Chainlink, Polygon, Shiba Inu, Litecoin, and Bitcoin Cash. This has resulted in a 1.92% decrease in the overall crypto market cap, which currently stands at $1.55 trillion.
However, a few cryptocurrencies did manage to log profits, such as USD Coin, Leo, Bitcoin SV, Iota, and Augur. According to the CoinSwitch Markets Desk, a U-shaped recovery that could bring Bitcoin back to near $50,000 is still possible, despite fear from investors that the support may not hold. In the last 24 hours alone, over $300 million worth of liquidations have been recorded on Coinglass.
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