Cryptocurrency market analysts name the key reason for the fall of major cryptocurrencies

On Sunday evening, January 21, all the top cryptocurrencies lost value. The reason is that interest in bitcoin exchange-traded funds (ETFs) continues to fall. According to Google Trends, search interest in the keyword «Bitcoin ETF» peaked at 100 points (maximum interest) on January 10, but already on January 22 it fell below 8.

Cryptocurrency analyst Michael Van de Poppe said: «The total market capitalization of cryptocurrencies seems poised for another push to $ 2.1 trillion, but it will be done at the expense of coins other than bitcoin.» BTC $56,536.26 Bitcoin -2.88% Market capitalization $1.11 trillion VOL. 24 hours $4.57 billion A consolidation period before the next impulse is likely to come."

Instead, Crypto Tony analyst suggested that bitcoin could fall below $ 40,000 before the upcoming halving.

In turn, Santiment researchers reported that over the past 3 hours, the price of bitcoin has risen sharply by 3.2%, regaining the $ 42,000 threshold, while the market looked gloomy for traders. This rise came as bitcoin was approaching the $ 40,000 mark, with bullish signals appearing on the RSI (relative strength) and 30-day MVRV charts.

At this time, according to CoinMarketCap, bitcoin has dropped to $ 40,955, losing 1.72% overnight.