Bitcoin (BTC), the world's oldest and most valued cryptocurrency, fell below the $40,000 mark early on Tuesday, reaching $39,474.66 before recovering. The upcoming US central bank policy meeting is widely expected to provide some insights into the currency's future behavior. Other major coins, including Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), landed in the red across the board. The SUI token turned out to be the biggest winner of the lot, jumping more than 7 percent in 24 hours. Astar (ASTR) became the biggest loser, falling more than 10 percent in 24 hours.
The global crypto market capitalization stood at $1.58 trillion at the time of writing, recording a drop of 2.42 percent in 24 hours.
Bitcoin (BTC) price today
The price of Bitcoin stood at $40,108.25, recording a loss of 2.13 percent in 24 hours, according to CoinMarketCap. According to Indian exchange WazirX, the price of BTC stood at Rs 35.32 lakh.
Ethereum (ETH) price today
The price of ETH stood at $2,347.37, down 3.13 percent in 24 hours at the time of writing. According to WazirX, the price of Ethereum in India stood at Rs 2.06 lakh.
Dogecoin (DOGE) price today
DOGE posted a 24-hour loss of 2.28 percent, according to data from CoinMarketCap, currently priced at $0.08124. According to WazirX, the Dogecoin price in India stood at Rs 7.19.
Litecoin (LTC) price today
Litecoin saw a drop of 5.30 percent in 24 hours. At the time of writing, it was trading at $68.23. LTC price in India stood at Rs 6,094.99.
Ripple Price (XRP) Today
The price of XRP stood at $0.531, with a loss of 1.74 percent in 24 hours. According to WazirX, the price of Ripple stood at Rs 46.65.
Solana (SOL) price today
The price of Solana stood at $85.67, representing a drop of 3.65 percent in 24 hours. According to WazirX, SOL price in India stood at Rs 7,460.
Top Crypto Gainers Today (January 23)
According to data from CoinMarketCap, these are the top five cryptocurrency gainers in the last 24 hours:
Sui (SUI)
Price: $1.10
24 hour gain: 7.98 percent
FTX Token (FTT)
Price: $2.76
24 hour gain: 6.70 percent
Coffee (COFFEE)
Price: $0.7442
24 hour gain: 5.88 percent
Blur (BLUR)
Price: $0.6089
24 hour gain: 4.19 percent
Python Network (PYTH)
Price: $0.4015
24 hour gain: 3.52 percent
Top Crypto Losers Today (Jan 23)
According to data from CoinMarketCap, these are the top five cryptocurrency losers in the last 24 hours:
Astar (ASTR)
Price: $0.1694
Loss of 24 hours: 10.77 percent
Terra Classic (LUNC)
Price: $0.00009849
Loss of 24 hours: 6.30 percent
Avalanche (AVAX)
Price: $30.04
Loss of 24 hours: 6.15 percent
Neo (NEO)
Price: $10.69
Loss of 24 hours: 5.94 percent
Flow (FLOW)
Price: $0.7577
Loss of 24 hours: 5.90 percent
What Crypto Exchanges Say About the Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: โIn the last 24 hours, Bitcoin briefly fell to $39,000, but quickly recovered to $40,000 amid increasing selling pressure. Immediate support is at $39,500, while resistance levels are identified at $40,700 and $42,700. Overcoming these resistance levels is essential for Bitcoin to stabilize and show signs of a possible recovery. At the same time, market participants await information from the US central bank's next monetary policy meeting on January 30-31.โ
CoinSwitch Markets Desk noted: โAfter several days of sideways trading, BTC fell below the $40,000 mark for the first time in 50 days as the Bulls failed to hold the support line. New investors who had invested a lot of money during the ETF spot announcement now have a loss of almost 25%. Markets typically go up only when there is enough fear in the market and it seems like people are starting to get scared. โBTC must stay above the $32,000 mark for the Bulls to make a comeback soon.โ
Rajagopal Menon, Vice President at WazirX, said: โMajor cryptocurrencies faced a bearish start to the week, influenced by fears of substantial Bitcoin (BTC) sell-offs, leading investors to reduce exposure amid higher price expectations. low. Bitcoin losing support at $41,000 raises concerns of a drop to $38,000 in the coming weeks, which could impact other cryptocurrencies. Analysts attribute Bitcoin's recent pressure to sales tied to Grayscale's GBTC Bitcoin Exchange Traded Fund (ETF).
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: โBitcoin is struggling with a bearish trajectory, reaching $41,000 for a 1.65% loss in global cryptocurrency market cap. Ethereum is trading uncertainly at $2,350, facing resistance at $2,457.1 and possible tests of support at $2,301.9. The recent market momentum, fueled by the $2.14 billion bitcoin sell-off and the approval of the Grayscale ETF, adds to the complexity. ETF approval triggers selling pressure, with Bitcoin and Ethereum witnessing significant capital outflows. Altcoins like Litecoin and Solana are experiencing challenges that reflect the tug of war between bulls and bears. Even though the Grayscale liquidation temporarily affects prices, market fundamentals, driven by growing cryptocurrency adoption and institutional interest, point to a possible recovery for Bitcoin, which is historically known for recovering from corrections." .
Shivam Thakral, CEO of BuyUcoin, said: โThe cryptocurrency market is witnessing a healthy pullback after a massive bull run. Bitcoin, which almost touched $50,000 due to ETF euphoria, is showing signs of cooling mainly due to strong capital outflows into Bitcoin ETFs. We may see a more stable Bitcoin as ETFs increase their AUM and drive mass adoption of the world's largest digital asset. Top trader Henrik Zeberg shared a new Bitcoin price prediction of $120,000, but we will have to wait and see how the market moves in the coming weeks.โ
The CoinDCX research team told ABP Live: โIn the last 24 hours, the entire crypto market decreased by more than 4%, with BTC and ETH falling by more than 5%. Selling pressure from GBTC, particularly FTX holdings which sold two-thirds of their 22.28 million shares at the start of ETF spot trading, contributed to this slowdown. Technically, BTC is on a downward trajectory, currently below the weekly 7 EMA, suggesting bearish sentiment. Key support levels are around $37,000-$38,000 and $34,375, with resistance at $43,000, $44,500 and $48,000.โ
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Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any losses arising from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and carefully read the offering documents along with relevant relevant literature on the subject before making any type of investment. Cryptocurrency Market predictions are speculative and any investment made will be at the sole risk and expense of the readers.
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