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 <p class="is-style-lead">The <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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.</p>
 <p>According to data provided by CoinGecko, the global <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> 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;</p>
 <p>On the other hand, CoinGecko data shows that the 24-hour global <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> trading volume recorded a 95% rally over the past day — rising from $94 billion to $183 billion.</p>
 <p>The marketwide decline came after Matrixport published its analysis claiming that the U.S. Securities and Exchange Commission (SEC) will reject all the Bitcoin (BTC) exchange-traded fund (ETF) applications this month.</p>
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 <p>Just three hours after the Matrixport report, Bitcoin witnessed a 10% decline from around $45,500 to $40,800. However, the flagship <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency registered a notable correction and is currently trading at around $43,000.&nbsp;</p>
 <p>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;</p>
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   <img decoding="async" width="353" height="417" src="https://cdn.thebittimes.com/images/2024/01/04/d0a9f2e077c70cb92d7cd0e591c9f802.webp" alt="Why is crypto down today? Matrixport and other FUD - 1"> 
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   Social trends data – Jan. 4 | Source: Santiment
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 <p>Moreover, data from Santiment shows a notable increase for the “buy” and “bullish” keywords — making up 3.3% and 0.5% of the global <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> conversations on social platforms.&nbsp;</p>
 <p>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.</p>
 <p>Per Santiment, the majority of the bullish signals come from Reddit and X while Telegram and 4chan also have a small share.&nbsp;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/why-is-crypto-down-today-matrixport-and-other-fud-tbt75560.html">https://thebittimes.com/why-is-crypto-down-today-matrixport-and-other-fud-tbt75560.html</a></p>

Why is crypto down today? Matrixport and other FUD

TheBitTimes

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