Ethereum

Bitcoin

Spot

James

<p>The rollout of spot Bitcoin ETFs by financial giants like BlackRock, Fidelity, Bitwise, or Ark Invest heralded a new era for crypto. Some even imagined these exceptional trackers would propel BTC to unprecedented heights. Currently, the queen of cryptocurrencies, along with numerous similar assets, appears to be in a slump. Details!</p>
<h2 id="h-cryptos-stalled">Cryptos Stalled?</h2>
<p>In early January, precisely on January 3rd, we reported <strong><a href="https://www.cointribune.com/en/crypto-market-the-indicators-are-red/" target="_blank" rel="noopener noreferrer nofollow">yet another drop</a> in the cryptocurrency market as the verdict on the spot Bitcoin ETFs approached</strong>. The reason? The market sentiment was mixed: some traders feared further declines in crypto projects, others succumbed to greed, etc.</p>
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     <p lang="en" dir="ltr">Total crypto market cap has fallen by 3.5% today, with <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> dropping below $43.6K <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f534.png" alt="🔴" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Are you buying, selling, or HODL-ing? <a href="https://t.co/K0Tbi9mujs" rel="noopener noreferrer nofollow">pic.twitter.com/K0Tbi9mujs</a></p>— CoinGecko (@coingecko) <a href="https://twitter.com/coingecko/status/1745874543443673337?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 12, 2024</a>
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<p>«&nbsp;<em>The total market cap of cryptocurrencies has fallen by 3.5% today, with Bitcoin dropping below $43.6K.</em></p>
<p><em>Are you buying, selling, or HODL-ing?</em>&nbsp;»</p>
<p><a href="https://beincrypto.com/why-crypto-market-down-today/" target="_blank" rel="noopener noreferrer nofollow">BeInCrypto</a> observed robust performance in the cryptocurrency market on January 11th. TOTALCAP then reached $1.81 trillion, representing a historic peak compared to the achievements of May 2022.</p>
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<p>Yet, it plummeted in record time on the same day.</p>
<p>Nevertheless, analysts do not discount a cryptocurrency market recovery in the future, as long as the threshold of $1.61 trillion is not breached to the downside. This dynamic would avoid a 20% drop, thus preventing a free fall to the median line of the channel at $1.37 trillion.”</p>
<h2 id="bitcoin-is-sulking">Bitcoin is Sulking</h2>
<p>The arrival of spot Bitcoin ETFs on the traditional exchanges initially caused a <strong>surge in the BTC price to $49,048 within 24 hours</strong>. However, this euphoria was short-lived. Yesterday, on January 12th, the world’s largest cryptocurrency had already dropped by 5%, reaching its lowest level at $43,413 on the same day. That is well below the <strong>psychological threshold of $45,000</strong> that it tried to surpass multiple times, according to <a href="https://www.forbes.com/advisor/investing/cryptocurrency/why-is-bitcoins-price-falling/" target="_blank" rel="noopener noreferrer nofollow">Forbes</a>.</p> 
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<p>Moreover, the liquidation of bitcoin positions worth $70 million in just 24 hours could also influence the price of bitcoin. This could lead to an increase in the supply of BTC and a decrease in demand with the rollout of contracts in the market, resulting in further spot price declines as traders lose interest in hodling.</p>
<p>As for Ethereum, the king of cryptocurrencies is faring very well after the approval of bitcoin trackers. <strong>ETH is fluctuating around $2,600</strong>. Several analysts, including <a href="https://www.cointribune.com/des-etf-ethereum-spot-cette-annee-lavis-de-james-seyffart/" target="_blank" rel="noopener noreferrer nofollow">James Seyffart</a>, believe that Ethereum Spot ETFs will also see the light of day this year.</p>
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<p>But why is <a href="https://www.cointribune.com/les-facteurs-cles-derriere-la-chute-inattendue-et-vertigineuse-du-prix-du-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">bitcoin disappointing</a> so much lately? Firstly, it should be noted that the ETFs and their effects were overestimated. Additionally, BTC miners have recently transferred significant amounts to various cryptocurrency exchanges.</p>

Crypto: Is the market down again?

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