"RBC-Crypto" does not provide investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
On the morning of January 8, the price of Bitcoin (BTC) momentarily dropped below $90,000, wiping out all gains from the beginning of the week. From the peak of the previous day, quotes lost more than 3.5%. Ethereum (ETH) lost more than 5% from its January 7 peak—its price momentarily fell below $3,100.
By 11:20 Moscow time, Bitcoin quotes had slightly recovered and were around $90,500. ETH is trading at the level of $3,150. The total capitalization of the crypto market lost approximately 4% over the past 24 hours, standing at $3.1 trillion.
Since the beginning of the year, the price of BTC still shows growth of more than 3%, and the local peak was reached on January 5 at the mark of $94,800.
Amid volatility in the crypto market over the past 24 hours, crypto exchanges liquidated leveraged trades of more than 127,000 traders for a total of about $460 million, according to Coinglass data. The majority of the losses—$415 million—were incurred by those betting on the rise of cryptocurrencies (long positions, longs). Most of the losses occurred in the Bitcoin and Ethereum markets.
The Crypto Fear and Greed Index has been in the "fear" zone since mid-December—according to data as of January 8, it is holding at 28 points out of 100. The movement of the indicator suggests that market participants are leaning towards panic selling of cryptocurrencies.
At the end of the trading session on January 7, spot Bitcoin exchange-traded funds (ETFs) in the US recorded a net capital outflow of nearly $486 million, according to information from SoSoValue. This is the second consecutive trading session with a net capital outflow from Bitcoin funds. Ethereum-based ETFs broke a series of three consecutive trading sessions with a positive capital inflow indicator—on January 7, the aggregate outflow amounted to $98 million.
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