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Crypto Prices Plunge: Bitcoin Below $103K

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Quick analysis on the pricing of cryptocurrencies on January 22: The total value of the world market fell to $3.52 trillion.

The oldest and most valuable cryptocurrency in the world, Bitcoin (BTC), fell to over $102,000 early on Thursday. Now, the results of the US FOMC meeting will determine the direction of events. As the total Market Fear & Greed Index stood at 60 (Greed) out of 100, according to CoinMarketCap data, other well-known altcoins, such as Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC), all fell in the red. The largest gainer of the lot was Pudgy Penguins (PENGU), which saw a 24-hour boost of around 6%. The largest loser, a16z (A16Z), lost around 22% in a 24-hour period.

At the time of writing, the worldwide cryptocurrency market capitalization was $3.52 trillion, representing a 24-hour decline. 

The Current Price of Bitcoin (BTC)

According to CoinMarketCap, the price of bitcoin was $102,051.40, representing a 3.43 percent 24-hour loss. Indian markets reported that the price of bitcoin was Rs 88.69 lakh.

The current price of Ethereum (ETH)

At the time of writing, the price of ETH was $3,207.94, a 3.73 percent 24-hour decline. In India, the price of Ethereum was Rs 2.86 lakh.

The current price of Dogecoin (DOGE)

According to CoinMarketCap data, DOGE saw a 5.19 percent 24-hour drop and is presently trading at $0.3513. In India, the price of Dogecoin was Rs 31.79.

The current price of Litecoin (LTC)

Litecoin experienced a 3.46 percent 24-hour decline. It was trading at $113.41 at the time of writing. In India, the price of LTC was Rs 10.190.71.

The Current Price of Ripple (XRP)

The price of XRP was $3.13, down 1.06 percent in a day. In India, the price of ripple was Rs 268.99.

The current price of Solana (SOL)

At $248.14, the price of Solana has dropped 3.46 percent in a 24-hour period. The price of SOL in India was Rs 20,896.52. Currently trading at $0.3513, according to CoinMarketCap data. In India, the price of Dogecoin was Rs 31.79.

Crypto Exchanges' Reactions to the Present Market Situation

“Bitcoin is trading at $102,200 as investors turn to book profits at higher levels,” Edul Patel, co-founder and CEO of Mudrex, told ABP Live. Bitcoin is expected to remain range-bound between $100k and $109k until the end of the month after rallying to a new all-time high, with investors looking to the FOMC meeting results for guidance. However, Bitwise filed the registration in Delaware, and Dogecoin was added to the backlog for ETF approval. Right now, $101,300 is Bitcoin’s main support, while $106,700 is the next barrier.

After peaking at 105,952 yesterday, Bitcoin is down 2.72% today, falling to 102k, according to CoinSwitch Markets Desk. The decline coincides with former US President Donald Trump making no remarks on Bitcoin. With markets collapsing in tandem with Bitcoin’s decline, altcoins are suffering. In the meantime, CME is preparing for the February launch of XRP and SOL futures after a record 29.4 million cryptocurrency futures contracts worth $1.7 trillion were traded in 2024. In just the past two weeks, Ethereum whales have amassed almost $1 billion in ETH (330,000 ETH).

“Bitcoin has demonstrated remarkable resilience, stabilizing around the $105K mark after its recent volatility, highlighting its growing maturity as an asset class,” stated Avinash Shekhar, co-founder and CEO of Pi42. The market’s ongoing desire for diversity and the opportunity for smaller, more flexible initiatives to profit from market fluctuations are demonstrated by the fact that altcoins like Solana and Dogecoin are driving growth. With the overall value of the cryptocurrency market hovering at $3.8 trillion, it is evident that we are in a changing stage of acceptance, with altcoins demonstrating their capacity to spur development while major caps like Bitcoin remain stable. 

According to analysts, Bitcoin (BTC) is still above $100,000 despite consolidation, but there is a chance of a downturn, stated Sathvik Vishwanath, CEO and co-founder of Unocoin. Analysts blame the current volatility on selling pressure that followed President Donald Trump’s inauguration on January 20. Some traders panicked since there were few mentions of cryptocurrencies. Long-term confidence is indicated by on-chain data that indicates Bitcoin may be entering an accumulation phase as investors remove coins from exchanges. However, the direction of Bitcoin may be influenced by resistance levels between $106,000 and $120,000 as well as possible support zones around $92,000, $87,000, and $74,000.

“The cryptocurrency market has demonstrated remarkable activity, especially with Solana experiencing a surge in trading volume,” stated Shivam Thakral, CEO of BuyUcoin. Intense trading of the TRUMP and MELANIA tokens is blamed for this jump, which reflects increased investor interest after Donald Trump’s return to power. The DEA-led crypto consultation paper, which is anticipated in March 2025, is also generating excitement as it has the potential to significantly influence institutional adoption and regulatory frameworks.

FAQs

Bitcoin’s decline can be attributed to profit-taking by investors at higher levels and market uncertainty ahead of the US Federal Open Market Committee (FOMC) meeting. Additionally, selling pressure following former US President Donald Trump’s inauguration, with little mention of cryptocurrencies, contributed to the volatility.

The Market Fear & Greed Index at 60 indicates that investors are leaning towards greed, suggesting optimism despite the recent downturn. This sentiment can drive short-term market behavior but may also increase volatility.

Altcoins such as Ethereum (ETH) and Solana (SOL) have seen significant 24-hour declines, with ETH dropping 3.73% and SOL falling 3.46%. However, they remain key players in the market, with Solana experiencing increased trading volume driven by investor interest.

Analysts suggest Bitcoin’s main support level is around $101,300, while the next resistance level is $106,700. These levels are critical for understanding potential price movements in the near term.

The upcoming DEA-led crypto consultation paper in March 2025 is expected to play a significant role in shaping regulatory frameworks. This development could influence institutional adoption and the broader market’s growth trajectory.

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