Why is crypto down today? The GBTC selloff
The global crypto currency market cap has lost $40 billion over the past 24 hours amid the sustained market-wide turbulence that has seen several assets such as Bitcoin (BTC) and Ethereum (ETH) drop by shocking margins. This downtrend, which started on Jan. 12 following the initial hype surrounding the spot Bitcoin ETF approval, has endured amid several selloff s from institutional and retail investors alike. It has led to a slew of selloff s that has compounded into panic across the market. Bitcoin triggers market-wide bloodbath As a result, market sentiment has dipped significantly, per data from Santiment. Santiment’s total social volume metric suggests that, while social activity has increased over the past week, the crypto community has focused primarily on buy and sell mentions. Social trends data – Jan. 23 | Source: Santiment However, despite the downtrend, market participants are leaning toward “buy the dip” tendencies, as “buy” mentions increase to 2,431, takin...