SEI Price Dips Amid Panic Selling, How Will SEI Fare In 2024?

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“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 day-after-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% during the last 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 Million 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 right now 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 continues to be buying and selling within the purple. As of writing, SEI worth stood at $0.74, down over 3% during the last 24 hours.

: SEI Price Chart; Image Credits: CoinMarketCap

Meanwhile, buying and selling volumes sank greater than 46% to $865 million previously 24 hours, indicating a diminishing retail curiosity within the crypto asset. Nearly $88 million in crypto lengthy positions had been liquidated previously 24 hours, together with $1.51 million in SEI lengthy positions, in keeping with information from CoinGlass.

SEIYAN Meme Coin Bears the Brunt

The current SEI worth drop seems to have spilled over to the Dragon Ball-inspired meme coin SEIYAN. The meme coin noticed a decline in its worth motion in current days. While it’s nonetheless up 6% previously 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 big funding into the crypto sector, as buyers will have the ability 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