24 Crypto, 14 Jan: Bitcoin Price Crumbles, but What's the Real Story

Crypto has fallen 1.00% in the past 24 hours, reaching $1.76 trillion.

• After reaching $49,000 last week, Bitcoin faced a setback but has demonstrated a modest recovery in the last 24 hours, currently stabilizing slightly above $42,500.

• Ethereum has maintained a stable price around $2500 in the past week, largely due to optimism surrounding the potential approval of a spot Ethereum ETF.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, the market witnessed a decline, resulting in an 8-point drop in the "Greed and Fear Index," bringing it down to a reading of 52 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin experienced a drop to the $42,000 level over the weekend. This decline followed the waning excitement surrounding Bitcoin spot exchange-traded funds (ETFs).

• Popular alternative cryptocurrencies, including Ethereum, Dogecoin, Solana, Litecoin, and Ripple, all recorded marginal losses during this period.

• SUI emerged as the top performer today, displaying a noteworthy 24-hour increase of almost 11.58 percent.

• Conversely, Optimism faced the most significant setback, with a 24-hour decline exceeding 7.09 percent.

• Total crypto market volume in the last 24 hours: $99.05B, reflecting a 16.86% decrease.

• DeFi volume stands at $7.78B, comprising 7.85% of the total crypto market 24-hour volume.

• Stable coins contribute $88.43B to the total crypto market volume, representing 89.28% of the 24-hour volume.

• Bitcoin dominance is at 51.03%, experiencing a 0.18% decrease over the day.

Major Worldwide News Update:

• BlackRock CEO Larry Fink recently expressed skepticism about Bitcoin serving as the primary currency for daily expenses, emphasizing its role as a full-fledged asset class. Fink asserts that Bitcoin is better suited for wealth storage rather than a substitute for national currencies, urging the public to view it in that context.

• Worldcoin achieves a milestone in Argentina and enhances its verification process. The Worldcoin Foundation reports a surge in the adoption of the World App in India, with thousands of weekly downloads. Considering the security of Indian users, there's a possibility that the Indian government might take measures to potentially ban the Worldcoin app.

• Bitfinex thwarted a $15 billion XRP exploit attempt involving a "Partial Payments Exploit." CTO Paolo Ardoino confirmed the attack, highlighting the failed attempt due to Bitfinex's proper handling of transaction data. The exchange implemented changes, restricting individual account verification and imposing additional restrictions on existing customers, navigating regulatory challenges in the UK.

• MicroStrategy Chairman Michael Saylor warns of increasing scams exploiting the company's reputation, with around 80 daily fake YouTube videos. He cautions against schemes promising free Bitcoin and emphasizes the absence of risk-free methods to double Bitcoin, urging caution amid the recent launch of spot Bitcoin ETFs.

• The SEC's approval of Bitcoin ETFs was celebrated in the crypto market, but Vanguard's refusal to offer Bitcoin ETF trading drew criticism from Ark Invest's Cathie Wood, who deemed it "terrible." Vanguard faced a customer shift and social media backlash with the hashtag #BoycottVanguard trending. Analysts foresee a potential shift in Vanguard's stance over time.

• "Shark Tank" investor Kevin O’Leary expresses skepticism about Bitcoin ETFs, citing concerns over fees and predicting survival challenges for many. He anticipates success for a few backed by major players like Fidelity and BlackRock. Despite reservations, O’Leary remains bullish on Bitcoin's long-term potential, projecting $150,000-$250,000 by 2030.

COIN GABBAR Views: Bitcoin dips below $43K; What's next for BTC price? The approval of a spot ETF triggers a decline in Bitcoin's value. Ethereum is at a pivotal moment, testing whether $2,440 can endure the current pressure. The $50,000 mark and the 61.80 FIBO level remain obstacles for BTC. 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.

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