Bitcoin plunges below $41,000, sending shockwaves through cryptocurrency markets
Key Takeaways
- On December 11, the value of Bitcoin fell below $41,000 after plummeting 6.5% in 20 minutes.
- The recession has impacted other major cryptocurrencies, resulting in significant liquidation of long positions.
- Despite this sharp decline, Bitcoin has seen significant growth this year, driven by positive market expectations and potential regulatory developments.
Early in the morning of December 11th, Bitcoin value falls sharplyfalling $41,000 or lessDeletes almost a week’s worth of profits in just 20 minutes.
Bitcoin (BTC) Experience Dramatic 6.5% drop With a price of $43,357, Plunged to a low of $40,659. Bitcoin recovered shortly after the drop and is now Traded for about $42,000. But data shows that in the last 24 hours down 4%.
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Ethereum (ETH), the second-largest cryptocurrency by market capitalization along with Bitcoin, also suffered a sharp decline. Ethereum fell more than 8.9% during the same period.. After the decline, the price of ETH stabilized somewhat, Settled to $2,230around 5% decrease from daily high.
This downturn was not limited to Bitcoin and Ethereum. Other major cryptocurrencies such as: BNB (BNB), XRP, and Solana (SOL) also reported losses..
The rapid movements in the market have had a significant impact, CoinGlass data shows: Over $270 million in long positions were liquidated. Due to the decline. decline Approximately $1.2 billion in outstanding Bitcoin futures has been liquidated.leaving Current total: approximately $17.9 billion.
Interestingly, the downtrend comes from market analyst Scott Melker, also known as ‘the wolf on every street’. Commented on Bitcoin’s recent performance.. Melker pointed to Bitcoin’s eighth consecutive green weekly candle.
Despite these setbacks, Bitcoin has grown significantly over the past month., increased by more than 12%. The long-term numbers are even more impressive. From the beginning of the year, Bitcoin has had an impressive rally, rising more than 150%..
This growth trajectory is largely due to expectations from the U.S. Securities and Exchange Commission (SEC). Likelihood of Approval of Multiple Bitcoin ETFs. This move allows large institutions to gain significant Bitcoin exposure.
The sudden and sharp decline in the price of Bitcoin is a reminder of the volatility of the cryptocurrency market. While there has been notable growth and optimistic market expectations, events like this highlight the unpredictable nature of digital asset investing.
Gile is a market sentiment analyst who understands which public events create which emotions. Her experience investigating Web3 news and public market messaging, including cryptocurrency news reporting, PR, and social network streams, will be invaluable to her role leading the cryptocurrency news editorial team.
As an intelligent expert in the field of Public Relations, she works with her team to identify real VS fake news patterns and aims to provide her results to everyone searching for unbiased news and events happening in the FinTech market. Her expertise is informing the public of the latest reliable and informative Web3 announcements.
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