The deployment of spot Bitcoin ETFs by financial giants like BlackRock, Fidelity, Bitwise or Ark Invest heralded a new era for crypto. Some even imagined that these exceptional trackers would propel BTC to unprecedented heights. Currently, the queen of cryptocurrencies, as well as many similar assets, seem to be going through a period of gloom. Details !
At the beginning of January, precisely on January 3, we reported yet another fall in the cryptocurrency market as the verdict on spot Bitcoin ETFs approaches. The reason ? Market sentiments were mixed: some traders feared further declines in crypto projects, others succumbed to greed, etc.
“ The total cryptocurrency market cap fell 3.5% today, with Bitcoin falling below $43.6K.
Are you buying, selling, or HODL-ing? »
BeInCrypto observed strong performance in the cryptocurrency market on January 11. TOTALCAP then reached $1.81 trillion, representing a historic high compared to the achievements of May 2022.
Yet it dropped in record time on the same day.
However, analysts do not rule out a recovery in the cryptocurrency market in the future, as long as the threshold of $1.61 trillion is not crossed downwards. This dynamic would avoid a 20% drop, thus preventing a descent into hell to the channel’s midline at $1.37 trillion. »
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