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Crypto market fluctuates: Bitcoin dropped below $29,000 after a long time!


Bitcoin slumped below $29,000 for the first time in more than a month as the recent excess on ETFs and a more positive regulatory outlook eased. The largest digital asset by market cap fell as much as 4.2% to $28,865, hitting its lowest level since June 21. Bitcoin is up about 75% this year. Most other tokens were also lower on Monday, with XRP down about 7% and Solana 8%.
“After a sharp rally triggered by Spot ETF excitement, Bitcoin has consolidated at around $30,000 for over a month as the market awaits growing information on the likelihood of numerous filings,” said Spencer Hallarn, a derivatives investor at crypto investment firm GSR.
The recent drop in Bitcoin has coincided with a series of applications for Bitcoin exchange-traded funds in the US driven by an app from BlackRock Inc.
“Following the XRP decision, the associated enthusiasm for altcoins and the surge in listings on exchanges served to reverse the focus of capital on key foci that have occurred over the past few months, contributing to the loss of price momentum,” Hallarn said.
Dogecoin was an exception among the larger market cap tokens, gaining as much as 7.8% after Elon Musk changed Twitter's logo and replaced it with his signature bluebird with a stylized X. Musk also added Dogecoin's ribbon logo to his bio, encouraging speculation that the memecoin would play a larger role in the rebranded company.
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#BlueMonday# #NewYearCelebration#
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