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The crypto market witnessed a sharp decline just hours after the Matrixport report on Jan. 3. However, data shows that investors believe this could be a local bottom. 
According to data provided by CoinGecko, the global crypto market capitalization is down by 4.8% in the past 24 hours and is currently hovering around $1.73 trillion — registering a $70 billion decline.&nbsp; 
On the other hand, CoinGecko <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="noopener">data</a> shows that the 24-hour global crypto trading volume recorded a 95% rally over the past day — rising from $94 billion to $183 billion. 
The marketwide decline came after Matrixport published its analysis claiming that the U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/">SEC</a>) <a href="https://crypto.news/sec-will-reject-all-bitcoin-etfs-in-january-says-matrixport/">will reject</a> all the Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) exchange-traded fund (ETF) applications this month. 
 You might also like: <a href="https://crypto.news/fidelity-files-registration-of-securities-for-its-bitcoin-etf-with-the-sec/"> Fidelity files registration of securities for its Bitcoin ETF with the SEC </a> 
Just three hours after the Matrixport report, Bitcoin <a href="https://crypto.news/bitcoin-falls-10-in-three-hours-following-matrixport-proclamation/">witnessed a 10% decline</a> from around $45,500 to $40,800. However, the flagship cryptocurrency registered a notable correction and is currently trading at around $43,000.&nbsp; 
According to data provided by Santiment, the social media activity of the “sell” term witnessed a slight increase after the Matrixport proclamation and has cooled down as the market sees correction.&nbsp; 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="353" height="417" src="https://crypto.news/app/uploads/2024/01/Social-data-Jan-4.png" alt="Why is crypto down today? Matrixport and other FUD - 40" class="wp-image-14234314">
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 Social trends data – Jan. 4 | Source: Santiment
 </figcaption>
</figure> 
Moreover, data from Santiment shows a notable increase for the “buy” and “bullish” keywords — making up 3.3% and 0.5% of the global crypto conversations on social platforms.&nbsp; 
Calls for “buy the dip,” on the other hand, have increased significantly over the past 24 hours. On average, more than 37% of the social activity around the crypto ecosystem includes the “buy the dip” term. 
Per Santiment, the majority of the bullish signals come from Reddit and X while Telegram and 4chan also have a small share.&nbsp; 
 Read more: <a href="https://crypto.news/greekslive-spot-bitcoin-etf-approval-unlikely-until-2nd-week-of-january/"> Greekslive: Spot Bitcoin ETF approval unlikely until 2nd week of January </a>

Why is crypto down today? Matrixport and other FUD

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