As an experienced crypto investor who has weathered numerous market storms, I must admit that today’s Bitcoin rollercoaster ride was quite the thrill. The high of $104K following Trump’s decision to appoint Paul Atkins as the new SEC Chairman felt like a golden ticket to Willy Wonka’s Chocolate Factory. But, as we all know, not everything in crypto is as sweet as chocolate.
Today has seen some dramatic ups and downs in the value of Bitcoin. Earlier, it hit an unprecedented peak over $100,000, only to dip back down towards $98,000 just now.
According to previous reports from CryptoPotato, a price surge beyond $100K was observed following Donald Trump’s appointment of Paul Atkins as the new Chair of the U.S. Securities and Exchange Commission. To quote Trump, he made this decision himself.
Paul is known for championing sensible regulations and advocating for thriving, inventive financial markets that cater to investors’ needs, ultimately aiming to make our economy the global leader. Recognizing the importance of digital assets and other advancements, he sees them as key elements in making America even more exceptional than it already is.
Throughout the day, the cost soared past $104K and peaked, yet the bears continued their relentless push.
Over the last few hours, Bitcoin has experienced a significant decrease, falling nearly down to around $98,000 in recent moments.
Yesterday’s market turmoil led to over $650 million in liquidated positions in the derivatives sector, marking a staggering 45% surge within a 24-hour period. The vast majority of these losses were suffered by long traders, amounting to approximately $400 million. To put it simply, Bitcoin was the hardest hit market, causing significant losses for many traders like myself.
Following this recent drop, numerous alternative coins are currently seeing losses too. For instance, Ripple‘s XRP has decreased by approximately 3% today. Surprisingly, despite this daily decline, it still outperforms other cryptocurrencies for the week, boasting nearly a 60% increase.
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2024-12-06 00:04