Crypto Price Today: Bitcoin falls below $39,700; Ethereum and BNB shed more than 5%

Bitcoin, Ethereum, and BNB led the decline in cryptocurrency markets on Wednesday.

Bitcoin, the world’s largest cryptocurrency, dipped below $39,700 for the first time since the introduction of the 11 spot Bitcoin exchange-traded fund (ETF) on January 11.

The crypto market is under selling pressure, owing to the ease with which Bitcoin ETFs can be entered and exited. Users may have liquidated their bets to book profits and then established new positions in anticipation of the next surge. The next market mover could be the US Fed’s rate cut announcement, which is expected around the end of 2023.

Bitcoin remains below the critical $40,000 mark, presently trading at $39,700 following a recent dip. Given the firm support at $38,500, the current trading level may see increasing buying interest. If this support is ineffectual, the next support level is projected at $37,800, with resistance on the upside at $40,350.

In Wednesday’s trading, the global cryptocurrency market cap fell 1.9% to about $1.55 trillion in the previous 24 hours.

Bitcoin was trading down 0.64% at $39,648, while Ethereum was down 5.34% at $2,219. Other cryptocurrencies, like as BNB and Polygon, dropped more than 5% each. Litecoin, Chainlink, Tron, Dogecoin, and Cardano all lost 2-4%.

DeFi’s total volume is currently $5.96 billion, accounting for 8.04% of the total cryptocurrency market’s 24-hour volume. The entire volume of stablecoins is now $67.7 billion, accounting for 91.31% of the total 24-hour volume on the crypto market.

Bitcoin, the world’s largest cryptocurrency, has seen its market capitalization drop to $777 billion in the last 24 hours. According to CoinMarketCap, Bitcoin presently has a dominance of 50.39%. In the last 24 hours, BTC volume grew by 3.7% to $30.5 billion.

Bitcoin saw a big dip, breaking the $40,000 barrier and briefly touching $39,500, owing to substantial sales spurred by the Grayscale GBTC Bitcoin ETF. Investors are cautious as Bitcoin remains just under $39,000, indicating a probable price range of $35,000 to $45,000.