Through the first weekend of 2024, there was a small adverse feeling in the cryptocurrency market as a whole. With a price of $43,240, bitcoin entered its second week of trading in 2024. The value of the oldest cryptocurrency asset fell by $226 during the weekend. Right now, investors’ greatest fear stems from the expectation that the SEC would approve BTC ETFs in the US.
Chaturvedi of CoinSwitch Ventures believes US Bitcoin ETFs are close to reality, pointing to the updated documentation by exchanges as a telltale sign of an impending SEC nod.
On Monday, January 8, ether saw a 2.76 percent decrease in pricing. As a result, Ether’s value has dropped by $56 from where it was trading last week to the current mark of $2,186.
The Ethereum validators are unable to withdraw their staked ETH and must wait many days. According to the report, Celsius has requested the withdrawal of 32% of all Ethereum, and 54.7 percent of that amount comes from Figment, a staking service that Celsius allegedly utilizes, Chaturvedi continued.
Based on the price chart on Monday, the majority of cryptocurrencies are experiencing losses. Avalanche, Dogecoin, Ripple, Cardano, and Polkadot all saw losses.
Price declines were also seen in Tron, Chainlink, and Shiba Inu.
The cryptocurrency industry’s valuation dropped by 2.38 percent over the previous day. According to CoinMarketCap, the value of the cryptocurrency market is $1.62 trillion as of this writing.
It’s possible that traders booked profits from the previous market surge and opened new positions in anticipation of the following cycle. Due to macroeconomic variables, the market is anticipated to stay unpredictable in the upcoming weeks, according to BuyUcoin CEO Shivam Thakral.
A small group of cryptocurrencies, including Iota, Braintrust, Dogefi, Bitcoin Hedge, and Nano Dogecoin, did record profits on Monday.
At the moment, neither bulls nor bears are gaining control of the market; instead, it is in an equilibrium situation. The US CPI data is scheduled for release on Thursday; thus, the coming week is likely to be volatile, according to Edul Patel, co-founder and CEO of Mudrex.
Diverse opinions may be seen in the larger cryptocurrency market, where altcoins like Shiba Inu (SHIB) are facing complex obstacles. In keeping with the good vibes, asset management company VanEck has promised to donate five percent of its fund’s prospective earnings—pending approval—to assist Brink’s Bitcoin developers.
“The increasing number of SHIB addresses indicates increased interest and potential changes in market dynamics, highlighting the significance of careful monitoring in the constantly evolving cryptocurrency landscape,” said Rajagopal Menon, WazirX Vice President.