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  • Crypto Week: BTC Below $40,000, Negative Outlook on Cryptos and “the Lord Told Us to Do” INDX Coin

Crypto Week: BTC Below $40,000, Negative Outlook on Cryptos and “the Lord Told Us to Do” INDX Coin

Bitcoin (BTC) has experienced a 4.4% decline, reaching $39,900 per coin this week, while Ethereum (ETH) prices dropped by 9.5% to $2,240. On Tuesday, BTC prices went even lower, down 7.8% to $38,546, the lowest since December 1, and ETH losses reached 12.4%, with prices falling to $2,167, the lowest since January 8.

This correction in the crypto market does not appear to have clear, immediate reasons, and it may be a result of profit-taking by investors who accumulated long positions during the strong spot Bitcoin-ETF-driven rally. ProShares Bitcoin Strategy ETF (BITO) reported a $50.2 million capital outflow last week, marking the largest weekly loss since the beginning of 2023. Deutsche Bank Research found that many retail investors are skeptical about Bitcoin, with over a third of respondents in a survey expecting BTC to fall below $20,000 by January 2025.

There's also a noted negative sentiment reflected in the downgrade of Coinbase stock (COIN) by JPMorgan analysts to "underweight." They cited declining BTC prices and the introduction of spot Bitcoin ETFs as factors contributing to the pessimism. JPMorgan analysts anticipate COIN stocks to decline to $80 in the next 12 months, implying a potential 35% loss by January 2025. The overall negative sentiment is impacting the crypto market, with Bitcoin retesting the resistance at $40,000. If it fails to recover above this level, it may continue down towards $35,000 per coin. Investors should brace themselves in hopes for a future recovery.

Meanwhile, internet pastor Eli Regalado from Colorado made another stunning contribution to crypto market scam logbook. State’s securities regulator accused him and his wife in fraudulent schemes with its own INDX coin for $3.2 million. He promised those tied to his online church that they would earn a 10x return by buying it. Naturally, over 300 people who invested in INDX got no return, but lost their money. Regalado spent most of it to refurbish its own house and to buy some luxury items. He has already became a meme crypto villain after he posted a video responding to allegations explaining, “several hundred thousand went to a home remodel the Lord told us to do.” “It was last October [2021] that the Lord brought this cryptocurrency to me. He said, ‘Take this to my people for a wealth transfer,’” Regalado explained. “God is going to work a miracle in the financial sector," he preached while continuing to convince people that the INDX mess will work itself out.