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Cryptocurrency News Articles
Crypto Market Cap Slumps by 2.98% as Trading Volume Drops by 24.92%, Bitcoin Encounters a 3.07% Price Fall Amid ETF Outflows of $95.62M
Jan 23, 2025 at 02:40 pm
The crypto market today is currently undergoing a pullback as marketers speculate President Donald Trump's oath taking being a “sell the news event”
The crypto market is experiencing a pullback on Friday, with market cap decreasing by 2.98% and trading volume dropping by 24.92%. This comes amid speculation that President Donald Trump's oath taking could lead to a “sell the news event.”
As a result, the market cap of the industry has slipped to $3.53 trillion, while the trading volume now stands at $147.07 billion. Interestingly, the Fear & Greed Index still indicates “Greed” with a score of 60.
Bitcoin encounters ETF outflows as broader market declines
Bitcoin price has fallen from its 24 hour high of $105,908.98 to its press time price of $102,465.93. This price dip comes as a total of $95.62 million flowed out of Bitcoin ETFs on 22nd January 2025.
However, Bitcoin's market dominance is still valued at $2.03 trillion, though its trading volume decreased by 22.97%, to $59.01 billion.
Concerned about Bitcoin's next price target? Read our Bitcoin (BTC) Price Prediction 2025, 2026-2030
Altcoins follow BTC's lead
The price of Ethereum decreased by 3.23%, trading at $3,214.02. Solana and XRP followed closely with losses of 2.56% and 0.83%, respectively.
On the other hand, a few altcoins headed in the opposite direction, with PENGU (+6.67%), XDC Network (+4.15%), and Gate Token (+3.74%) emerging as the top gainers. However, the losers' list was dominated by AI16Z (-22.11%), MELANIA (-19.40%), and FARTCOIN (-18.65%).
Interested in stacking some ETH, but worried about its future? Read our Ethereum Price Prediction 2025, 2026-2030 NOW!
Overall, the market's decline seems to be a combination of profit-taking and lower volumes, especially in major assets, suggesting a consolidation phase.
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FAQs
The cryptocurrency market is experiencing a pullback on Friday as a result of several factors, including outflows from Bitcoin ETFs, lower trading volumes and concerns over global events.
Bitcoin has dropped by 3.07% in the last 24 hours, currently trading at $102,465.93. This price dip coincides with outflows from Bitcoin ETFs.
The top gainers include PENGU (+6.67%), XDC Network (+4.15%), and Gate Token (+3.74%).
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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- Chainlink Collaborates with BX Digital and BX Swiss to Provide On-Chain Market Data for Tokenized Equities
- Jan 24, 2025 at 01:45 am
- In an astounding development, Chainlink joined hands with BX Digital and BX Swiss, two Swiss-based subsidiaries of Europe's sixth-largest exchange group, Boerse Stuttgart.
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- Bitcoin (BTC) and New Altcoin JetBolt (JBOLT) Make Waves in the Crypto Market
- Jan 24, 2025 at 01:15 am
- Bitcoin (BTC) is holding above $103,077.80 today, after reaching a new all-time high at $109,588 on January 20th. While Bitcoin saw a 2.53% decline in the past 24 hours, it has risen by 3.26% on its 7-day price chart. As BTC keeps its pace above the $100K line, can it hit a new price high in the upcoming days?