“As goes January, so goes the year”. This is a well-liked perception within the Wall Street circles. Advocates of the January Barometer consider that the market’s first-month efficiency units the temper for the entire yr.
Building on this pretext, main digital belongings have been having a ball since final month. Some argue that “crypto is back from the grave.” Optimism grows stronger each day that the US Securities and Exchange Commission (SEC) will give its blessing to the primary wave of spot Bitcoin exchange-traded funds (ETFs) as early as subsequent week.
The much-hyped Bitcoin ETF is proving to be a boon for the cryptocurrency market, with BTC price up 1.8% and Ethereum up 1.4% over the past 24 hours. While smaller tokens, or altcoins, are swinging backwards and forwards between inexperienced and purple, the investor sentiment across the crypto market is basically bullish.
Over $1.5 In SEI Long Positions Liquidated In the Last 24 Hours
However, prospects for SEI — the namesake token of layer-1 Sei Network launched final yr — look ominous. The SEI token tanked almost 7.5% earlier as we speak to $0.73, sending its market capitalization tumbling to $1.7 billion, from $1.82 billion in a matter of 24 hours. However, the token has since reversed some losses however remains to be buying and selling within the purple. As of writing, SEI value stood at $0.74, down over 3% over the past 24 hours.
- SEI Price Chart; Image Credits: CoinMarketCap
Meanwhile, buying and selling volumes sank greater than 46% to $865 million prior to now 24 hours, indicating a diminishing retail curiosity within the crypto asset. Nearly $88 million in crypto lengthy positions have been liquidated prior to now 24 hours, together with $1.51 million in SEI lengthy positions, based on information from CoinGlass.
SEIYAN Meme Coin Bears the Brunt
The latest SEI value drop seems to have spilled over to the Dragon Ball-inspired meme coin SEIYAN. The meme coin noticed a decline in its value motion in latest days. While it’s nonetheless up 6% prior to now seven days, the numbers are nowhere close to the 285% soar it noticed within the final 14 days. Data means that curiosity within the SEI token is waning, which may have an effect on its costs within the close to time period.
Now, all eyes are on the US securities watchdog, with the spot Bitcoin ETF determination nonetheless pending. Analysts argue that the approval of such a product will usher in enormous funding into the crypto sector, as buyers will be capable to purchase into Bitcoin, with out having to study the nuances of crypto exchanges and wallets.
Also Read: Bitcoin Long-Term Holders Stand Strong Despite Recent Crypto Market Selloff
The offered content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.
