Bitcoin, Ethereum, Dogecoin Drop As Google Search Interest In Spot ETFs Plunges: Analyst Foresees King Crypto Below $40K Before April Halving
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies Bitcoin, Ethereum, and Dogecoin saw declines as Google search interest for 'Bitcoin ETF' dropped significantly. Bitcoin ETF interest peaked on January 10 but fell to less than 8 by January 22. The global cryptocurrency market cap decreased by 3.45% to $1.62 trillion. Stock futures were stable, with minimal movement on Sunday evening. Analysts predict a consolidative period for cryptocurrencies, with potential for the total market cap to push towards $2.1 trillion through altcoins. Bitcoin may drop below $40,000 before the April halving, but recent bullish signals suggest a possible rebound.
January 22, 2024 | 3:00 am
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NEGATIVE IMPACT
Bitcoin's price decreased by 0.89% to $41,278, with a potential drop below $40,000 before the April halving despite recent bullish signals.
The decrease in Google search interest for 'Bitcoin ETF' and the analyst's prediction of a drop below $40,000 before the halving could negatively impact Bitcoin's price in the short term. However, recent bullish signals could mitigate some of the downward pressure.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Dogecoin experienced a significant drop of 6.25% to $0.083, reflecting the broader downturn in the cryptocurrency market.
Dogecoin's substantial price drop is indicative of the broader negative sentiment in the cryptocurrency market. The sharp decline suggests a bearish short-term outlook for Dogecoin.
CONFIDENCE 65
IMPORTANCE 75
RELEVANCE 80
NEGATIVE IMPACT
Ethereum's price fell by 1.37% to $2,436, with the overall crypto market cap shrinking and altcoins expected to lead the next market push.
Ethereum's price decline is in line with the overall decrease in the cryptocurrency market cap. While altcoins are expected to drive the next market push, Ethereum's short-term impact is negative due to the current market sentiment.
CONFIDENCE 60
IMPORTANCE 70
RELEVANCE 70