It is Dec. 26, the day after Christmas, and to put it mildly, the holiday spirit did not last long — for the cryptocurrency market in particular. As soon as the global holiday came to an end, the price of BTC began to fall, dropping as much as 4% during today's trading session.
As a result, quotes of the leading cryptocurrency hit $95,200, but what is more worrying is that the major figure of $2 trillion for the market capitalization of Bitcoin was lost. This is not the first time this has happened recently, but once again, it signals the weakness of major digital assets in the current market environment.
Related
Thu, 12/26/2024 - 09:26 'Rich Dad Poor Dad' Author Kiyosaki Reveals How Much Bitcoin Will Make You Rich
Gamza Khanzadaev
HOT Stories XRP Defies 2018 Déjà Vu: Bollinger Bands Suggest $2 Support Holds Strong Bitcoin Fixes This? Bitcoiners React to Collapse of Diamonds 2,884,590,622,344 SHIB Stun One of Turkey’s Biggest Exchanges – What’s Happening? Shiba Inu (SHIB): This Price Move Not Enough, Solana (SOL) Gets 13% Back: Only Beginning? Ethereum (ETH) Massive Price Drive to Begin Here?
The reason may be that December is the end of the quarter, the end of the month and the end of the year. This is the time when traders and investors close their positions, say goodbye and return after the holidays.
BTC to USD by CoinMarketCap
Considering the fact that, this year, Bitcoin has become more correlated with traditional financial markets than ever before, first of all due to the launch of spot Bitcoin ETFs in the U.S., the tendencies typical for the S&P 500, for example, will directly affect the cryptocurrency market.
In this case, the fact that Bitcoin is traded 24/7 with no days off does not seem to be an advantage, but rather the opposite.
Related
Thu, 12/26/2024 - 10:44 Bitcoin Fixes This? Bitcoiners React to Collapse of Diamonds
Alex Dovbnya
Where the major cryptocurrency will find its local bottom remains to be seen. Recently, after reaching a new all-time high of $108,353 per BTC on Binance, the price of Bitcoin fell to a maximum of $92,300. There is also an open gap around $77,000 per BTC on the CME that has not closed after the events of November, which also serves as a worrying benchmark for crypto traders.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
