SEI Price Dips Amid Panic Selling, How Will SEI Fare In 2024?
January performance sets the mood for the whole year in the stock market. The optimism in the crypto market grows stronger every day as there is anticipation that the US Securities and Exchange Commission (SEC) will approve the first wave of spot Bitcoin exchange-traded funds (ETFs) soon.
The Bitcoin ETF has been a boon for the cryptocurrency market, with BTC and Ethereum prices rising. While altcoins are experiencing volatility, overall investor sentiment remains bullish.
Over $1.5 Million In SEI Long Positions Liquidated In the Last 24 Hours
However, things are not looking good for SEI. The token has seen a significant drop of nearly 7.5% to $0.73, causing its market capitalization to decline from $1.82 billion to $1.7 billion in just 24 hours. Although it has recovered slightly, SEI is still trading in the red at $0.74.
Trading volumes have also decreased by over 46%, suggesting a decrease in retail interest. In addition, $1.51 million in SEI long positions were liquidated within the past day.
SEIYAN Meme Coin Bears the Brunt
The recent price drop of SEI has had an impact on the meme coin SEIYAN as well. While it has seen a 6% increase in the past seven days, it is far from the 285% surge seen in the previous two weeks. This indicates a decline in interest, which could affect prices in the near future.
All Eyes on SEC Decision
The spotlight is now on the US securities watchdog as they consider approving the spot Bitcoin ETF. Analysts believe that this approval will lead to significant investment in the crypto sector, as it will allow investors to easily buy Bitcoin without dealing with crypto exchanges and wallets.
Hot Take: SEI Faces Uncertain Future Amid Market Volatility
The recent dip in SEI price and declining interest in the token raise concerns about its future performance. While the overall crypto market remains optimistic, SEI’s struggles highlight the volatility and risks associated with individual tokens. As investors eagerly await the SEC decision on the Bitcoin ETF, it is important to closely monitor market trends and developments to make informed investment decisions.
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