What to know:
- BTC fell 2% from the six-figure landmark in the Asian session, leading to a dive across majors.
- That slide led to $300 million in longs, or bets on higher prices, to be liquidated, with futures tracking smaller altcoins and meme tokens recording higher losses than BTC or ETH futures.
- BTC’s failure to remain above the $100,000 market is another concerning sign for a continued rally, some say.
As a seasoned analyst with over two decades of market experience under my belt, I’ve seen my fair share of market fluctuations and trends. The recent dip in crypto markets, particularly Bitcoin (BTC), is reminiscent of the tech bubble burst in 2000 or the 2008 financial crisis – a temporary setback that often precedes a stronger comeback.
To begin the week, crypto markets experienced a downward trend as Bitcoin (BTC) dipped below its $100,000 mark following a brief surge. This decline caused a ripple effect throughout the major cryptocurrencies, with BTC dropping 2%, XRP, Dogecoin (DOGE), and Solana’s SOL falling by as much as 5.5%. Binance Coin Chain’s BNB and Ethereum (ETH) saw a 2.5% decline, while Cardano’s ADA suffered the most with a 7% drop due to temporary compromises on the Cardano Foundation’s X account over the weekend.
The largest single liquidation event occurred on Binance, stemming from a DOGE futures trade worth approximately $5.53 million.
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2024-12-09 14:58