Currency Market
Crypto Price Today: Bitcoin drops below $40,000, reaching its lowest point since the introduction of ETFs
Tuesday saw a decline in cryptocurrency markets as the largest cryptocurrency in the world, Bitcoin, dropped below $40,000 for the first time since the January 11 introduction of the 11-spot Bitcoin exchange-traded fund (ETF).
Following an enormous bull run, the cryptocurrency market is currently seeing a healthy retreat. The enthusiasm surrounding ETFs caused Bitcoin, which nearly reached $50,000, to calm off. This is mostly because of significant withdrawals from Bitcoin ETFs. As ETFs increase their AUM and encourage widespread adoption of the biggest digital asset in the world, we might witness a more stable Bitcoin.
The value of the world’s cryptocurrency market fell by 2.74% to approximately $1.57 trillion on Tuesday.
Ethereum was down 3.6% at $2,344, while Bitcoin was down 3% at $39,998. In contrast, well-known cryptocurrencies like Chanilink and Avalanche saw declines of more than 6% each. Dogecoin, Solana, Polkadot, Internet Computer, Litecoin, and Dogecoin all saw 4-5% declines. XRP and BNB both saw declines of more than 2%.
BTC fell below $40k for the first time in 50 days following many days of sideways trade as the Bulls were unable to hold the support line.
Markets typically rise only when there is a sufficient level of fear present, and it appears that dread is beginning to spread among people. For the Bulls to rally soon, BTC has to remain above $32k.
Right now, the price is $39,500 for support, and $40,700 and $42,700 for resistance. For Bitcoin to regain stability and perhaps even begin to recover, it must overcome these obstacles.
In the next days, we expect a run upward to close out the short positions in the markets. Overall opinion, though, suggests that it might not be powerful enough to push Bitcoin above $44,000.
Currently, DeFi’s total volume is $5.46 billion, or 8.28% of the 24-hour volume of the entire cryptocurrency market. At $60.59 billion, the total value of all stablecoins represents 91.92% of the 24-hour volume of the cryptocurrency market.
The largest cryptocurrency in the world, Bitcoin, had a decrease in market capitalization to $783 billion in the past day. Right now, 49.79% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of Bitcoin rose 116.6% to $29.19 billion in the last day.