{"id":108068,"date":"2021-01-11T17:12:06","date_gmt":"2021-01-11T17:12:06","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108068"},"modified":"2021-01-11T17:12:06","modified_gmt":"2021-01-11T17:12:06","slug":"bitcoin-drops-by-18-to-32k-pushing-the-crypto-market-cap-below-1-trillion","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-drops-by-18-to-32k-pushing-the-crypto-market-cap-below-1-trillion\/","title":{"rendered":"Bitcoin Drops by 18% to $32k, Pushing the Crypto Market Cap Below $1 Trillion"},"content":{"rendered":"<p>The total market valuation of the crypto market has dropped below $1 trillion as bitcoin dropped by almost over $7,000 from above $40K to $32.8K earlier in the day, according to data by CoinMarketCap.<\/p>\n<p>The top coin dipped massively after showing signs of consolidation above $40K in what seemed like a much-anticipated dip that saw investors aggressively buy the dip and push its price above $36k.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/zycrypto.com\/wp-content\/uploads\/2021\/01\/Bitcoin-Drops-by-18-to-32k-Pushing-the-Crypto-Market-Cap-Below-1-Trillion-1024x502.png\"><\/p>\n<p>According to on-chain analysis platform Santiment, Bitcoin is showing strong signs of bouncing back together with key altcoins.<\/p>\n<p><strong>\u201c#Bitcoin dropped all the way to $32.6 two hours ago, and now appears to be bouncing back in a big way alongside many #altcoins. If a dip was being waited on, it appears to have been scooped up rapidly as $BTC trading volume is steadily rising.\u201d<\/strong><\/p>\n<h2><strong>Bitcoin Dip Was Expected<\/strong><\/h2>\n<p>At press time, bitcoin is down 15.9% trading at around $32.6K in the biggest dip of 2021 and with a market cap of $613 billion. On Twitter, crypto analyst Crypto-bird affirmed that this dip was one of the many that are to be expected between January and February.<\/p>\n<p><strong>\u201cThat might be one of those fancy 30-40% $BTC retracements I was telling you to expect in January-February.\u201d<\/strong><\/p>\n<p>As reported earlier, Bitcoin advocate Pompliano advised investors that such high volatility will occur along the way, but Bitcoin\u2019s long term value, a store of value remains unaffected.<\/p>\n<p>According to crypto analysts Bitcoin LIZ, the ongoing dip is healthy and investors need only to trade strategically instead of being influenced emotionally by the market.<\/p>\n<p><strong>\u201cEVERYONE was buying #Bitcoin at #41000 because of FOMO now at $35000 no one dares to because it\u2019s gonna go lower. This dip is healthy. It\u2019s what we need. Just follow your strategy and don\u2019t follow emotions.\u201d\u00a0<\/strong><\/p>\n<p>Another analyst, whale Map,\u00a0also estimates that if bitcoin drops below $30K, there is a great support area above $29K but a further drop and consolidation below $28,728 could signal the start of a bear market.<\/p>\n<p><strong>\u201cGreat support at $29,315.wicks to $28,728.Looks solid. Consolidation below $28,728 is a bear sign.\u201d<\/strong><\/p>\n<h2><strong>Analysts Advise Against Panicking<\/strong><\/h2>\n<p>Data by on-chain analysis platform CryptoDiffer shows that a total of $2.5 billion was liquidated across exchanges in the last 24 hours. On crypto exchange BitMEX, $241,915 people converted their crypto assets into cash including a single order that liquidated $8.72 million worth of BTC.<\/p>\n<p>Crypto Analyst and trader Michael van de Poppe says that according to charts, a decreasing amount of BTC on exchanges is a bullish sign.<\/p>\n<p><strong>\u201cThis chart tells you that the amount of #Bitcoin on exchanges decreased heavily during the entire run. And is still decreasing. Those investors don\u2019t sell on this 15% drop, neither should you. It\u2019s an investment.\u201d<\/strong><\/p>\n<p>Source: <a href=\"https:\/\/zycrypto.com\/bitcoin-drops-by-18-to-32k-pushing-the-crypto-market-cap-below-1-trillion\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The total market valuation of the crypto<\/p>\n","protected":false},"author":3,"featured_media":108067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Drops by 18% to $32k, Pushing the Crypto Market Cap Below $1 Trillion - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-drops-by-18-to-32k-pushing-the-crypto-market-cap-below-1-trillion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Drops by 18% to $32k, Pushing the Crypto Market Cap Below $1 Trillion - 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