Why are cryptocurrencies falling today? Matrixport and other FUD
[ad_1]
Cryptocurrency markets fell sharply just hours after Matrixport published its report on January 3. However, data shows investors believe this could be a local bottom.
According to data provided by CoinGecko, the global cryptocurrency market value has fallen by 4.8% in the past 24 hours and is currently hovering around $1.73 trillion, a drop of $70 billion.
On the other hand, CoinGecko data It shows that global cryptocurrency trading volume increased by 95% in the past 24 hours, from $94 billion to $183 billion.
Matrixport published an analysis saying that the U.S. Securities and Exchange Commission (SEC) will reject all Bitcoin (BTC) exchange-traded fund (ETF) applications this month, followed by a broad market decline.
Just three hours after the Matrixport report was released, Bitcoin fell 10%, from around $45,500 to $40,800. However, the flagship cryptocurrency has seen a significant correction and is currently trading around $43,000.
According to data provided by Santiment, social media activity with the word “sell” increased slightly following the Matrixport announcement, but cooled off as the market pulled back.
In addition, Santiment’s data shows that “buy” and “bullish” keywords have increased significantly, accounting for 3.3% and 0.5% of global cryptocurrency conversations on social platforms respectively.
On the other hand, there has been a significant increase in “buy the dip” calls over the past 24 hours. On average, more than 37% of social activity in the cryptocurrency ecosystem contains the term “buy the dip.”
According to Santiment, most of the bullish signals come from Reddit and X, with a smaller number coming from Telegram and 4chan.
