Why Is Crypto Down Today?

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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