Crypto Price Today: Bitcoin falls below $42,700 on profit booking; Toncoin, BNB jump up to 13%
Bitcoin, Ethereum, Solana, Cardano and Tron were trading in the red, while BNB, XRP, Dogecoin, Chainlink, and Toncoin were in the green.
«The Bitcoin traders liquidating their positions as they were not able to meet the margin requirements as the Bitcoin process went up and then retreated in a short span after Bitcoin ETF listings. The market is expected to remain volatile in the coming weeks owing to the macroeconomic conditions,» said Shivam Thakral, CEO of BuyUcoin.
At 12:19 p.m., Bitcoin (BTC) was trading 0.6% lower at $42,667, while Ethereum (ETH) was down 1.6% at $2,513. Whereas, altcoins, such as Toncoin and BNB, surged 13.2% and 4.5%, respectively.
«BTC price experienced unexpected lows after the approval of the spot ETF, but the bullish performance of altcoins may signal an early reversal. The anticipation surrounding spot Bitcoin exchange-traded funds generated significant excitement, yet the failure to lead to a sharp upward movement may have prompted traders to take profits. This resulted in a sharp pullback to $41,500,» said ZebPay Trade Desk.
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View Details»«Bitcoin's recent price action has been volatile, and the inability to sustain prices above $48,000 may have tempted short-term traders to book profits, triggering a sharp fall on Jan. 12. The 20-day exponential moving average ($43,933) is starting to decline, and the RSI is just below the midpoint, indicating that bears are attempting a comeback,» it said.
Meanwhile, CoinDCX Research Team, said, «Over the weekend, the crypto market was quiet with low trading volume. From
