Bitcoin and Ethereum both failed to sustain the momentum they had gained and dipped past the $23,000 and $1,600 marks, respectively.
This affected the overall cryptocurrency market value, as it decreased by 3.52% to reach a total of $1 trillion.Since the beginning of 2023, the cryptocurrency markets have grown, with Bitcoin values increasing by more than 40% in recent days.
However, Bitcoin's rise appears to be fading as it has begun to fall below $23,000. However, their recent downward trend could be attributed to reports indicating a surge in cryptocurrency scams last year, resulting in approximately $1 million stolen in the communities of Swift Current and Maidstone alone.Moving on, traders appear hesitant to place any strong bids ahead of this week's economic growth data from the United States.
The market is now focused on fourth-quarter US GDP figures due on Thursday, which could set the tone for the Federal Reserve's policy meeting on January 31-February 1.Read more on cryptonews.com