The overall crypto market displayed a slight bearish sentiment through the first weekend of the year 2024. Bitcoin forayed into the second week of 2024 trading at the price point of $43,240 (roughly Rs. 43.9 lakh). Over the weekend, the value of the oldest crypto asset dropped by $226 (roughly Rs. 18,780). Currently, the biggest anticipation driving anxiety for investors is the expected approval from the SEC of BTC ETFs in the US.
“US Bitcoin exchange-traded funds (ETFs) seem poised for imminent launch as the exchanges that will list them have submitted revised documents, indicating anticipation of approval from the US Securities and Exchange Commission (SEC) in the near future,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets360.
Ether reflected a price dip of 2.76 percent on Monday, January 8. With this, the value of Ether now sits on the mark of $2,186 (roughly Rs. 1.80 lakh) with is lesser by $56 (roughly Rs. 4,650) in value than what it was trading at last week.
“Ethereum's validators are stuck waiting several days to withdraw their staked ETH. As per the report, 32 percent of all ETH waiting to be withdrawn has been requested by Celsius, while 54.7 percent is from Figment, a staking service that Celsius reportedly uses,” Chaturvedi added.
Most of the cryptocurrencies are grappling with losses, as reflected on the price chart on Monday. Ripple, Cardano, Avalanche, Dogecoin, and Polkadot -- all registered losses.
Tron, Chainlink, and Shiba Inu also showed price dips.
In the last 24 hours, the valuation of the crypto sector fell by 2.38 percent. The crypto market cap, at the time of writing, stands at $1.62 trillion (roughly Rs. 1,34,58,879 crore), as per CoinMarketCap.
“The recent market rally may have triggered profit booking and traders may have created fresh positions to prepare for the next cycle. The market is expected to remain volatile in the coming weeks owing to the macroeconomic factors,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
Among the handful of cryptocurrencies that did manage to clock profits on Monday, Iota, Braintrust, Dogefi, Bitcoin Hedge, and Nano Dogecoin registered their names.
“The market is currently in a state of equilibrium, with neither bulls nor bears taking control. The upcoming week is expected to be marked by volatility, especially with the US CPI data slated for release on Thursday,” Edul Patel,Co-Founder and CEO, Mudrex told Gadgets360.
The wider cryptocurrency market displays diverse sentiments, with altcoins such as Shiba Inu (SHIB) confronting intricate challenges. Resonating the positive sentiment, VanEck, an asset management firm, has pledged to allocate five percent of its fund's potential profits to support Bitcoin developers at Brink, contingent upon approval.
“The escalating address count for SHIB signifies growing interest and possible shifts in market conditions, underscoring the importance of attentive oversight in the ever-changing crypto environment,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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