The post Why Is Crypto Down Today? appeared first on Coinpedia Fintech News
The crypto market today is currently undergoing a pullback as marketers speculate President Donald Trump’s oath taking being a “sell the news event”. As a result, the market cap of the business has sunk by 2.98% to $3.53 trillion since yesterday. The trading volume too slipped by 24.92%, settling at $147.07 billion. However, what comes as a surprise is that the Fear & Greed Index continues to sit at a “Greed” score of 60.
Bitcoin Faces ETF Outflows As Broader Market Declines
Bitcoin price has dropped from its 24 hour high of $105,908.98, to its press time price of $102,465.93. The price dip aligns with $95.62 million worth of outflows in Bitcoin ETFs, recorded on 22nd January 2025. That being said, Bitcoin’s market dominance remains grounded at $2.03 trillion, although the trading volume took a hit of 22.97%, to $59.01 billion.
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Altcoins Follow BTC’s Suit?
Ethereum, price has declined by 3.23%, trading at $3,214.02. Solana and XRP followed closely, with losses of 2.56% and 0.83%, respectively.
In contrast, a few altcoins like PENGU (+6.67%), XDC Network (+4.15%), and Gate Token (+3.74%) have emerged as top gainers, bucking the trend. However, the losers’ list was dominated by AI16Z (-22.11%), MELANIA (-19.40%), and FARTCOIN (-18.65%).
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That being said, the market’s decline appears to be a mix of profit-taking and reduced volumes, particularly in major assets, hinting at a consolidation phase.
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FAQs
The cryptocurrency market has declined due to significant Bitcoin ETF outflows, reducing trading volumes, and fear over global events like Trump’s future crypto decisions impacting sentiment.
Bitcoin has dropped 3.07% in the last 24 hours, trading at $102,465.93. It has seen a 22.97% reduction in trading volume amid ETF outflows.
The top gainers include PENGU (+6.67%), XDC Network (+4.15%), and Gate Token (+3.74%).