Bitcoin Loses 7-Day Gains as Market Sentiment Turns Neutral
Bitcoin Briefly Plummets Below $42K
On Monday morning, Bitcoin briefly traded below $42,000 as the broader cryptocurrency market took a negative turn a few days after the United States Securities and Exchange Commission approved several spot Bitcoin ETFs, which began trading last Thursday.
According to CoinGecko’s data, BTC found support at $41,754 earlier today, and bulls have managed to push the token to $42,486 as of this writing. Despite the recovery, Bitcoin is down 1.9% over the last 24 hours and 5.8% in the past seven days.
The coin almost touched $49,000 on Wednesday when the SEC announced it had given the green light to spot Bitcoin ETFs. However, the bullish trend was short-lived as the traders appeared to book profits following the much-anticipated announcement.
As mentioned earlier, the broader cryptocurrency market has also witnessed a pullback. Over the weekend, the total market capitalization dropped to $1.71 trillion from $1.92 trillion on January 11th, when ETFs started trading. Moreover, Bitcoin’s dominance has fallen to 47.7% from 49.8% on January 11th. Meanwhile, CoinGlass’ data shows that Bitcoin’s open interest has declined to $18.38 billion from $20.06 billion within five days.
Crypto Fear and Greed Index Goes Neutral
Crypto market sentiment has taken a significant hit as the prices of digital assets plunged following the entrance of Bitcoin ETFs into the United States market. At the time of publishing, the Crypto Fear and Greed Index turned “neutral” after hitting a level of 51. The index has been “Greed” since November 2023. Earlier this month, it reached a level of 76, indicating a growing interest in cryptocurrencies.
For beginners, the Crypto Fear and Greed Index tracks sentiment regarding the digital asset market, using various metrics such as volatility, social media, market dominance, and Google Trends data.
Crypto Market Update January 15th
BNB is the only top-10 crypto asset that has recorded a price increase today. The Binance Coin is trading at $314.69 after surging 3.1% over the last 24 hours. Ethereum has posted 7-day gains of 11.2%. However, the token is down 1.2% in the past 24 hours to trade at $2,515. Solana and Avalanche have both dropped by more than 4.5% to change hands for $93.76 and $35.39, respectively.
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