Bitcoin‘s price correction extended into Friday, Dec. 20, as the number one crypto continued to shed its recent gains. Over the past 48 hours, BTC has dipped by over 13%, dropping from an all-time high of $108,364 to $92,118 before rebounding slightly to trade at $95,800.

The significant market correction was largely influenced by the U.S. Federal Reserve’s recent “hawkish” 0.25% rate cut along with investors fleeing to the comfort of safer investment assets.

Altcoins have followed BTC in registering significant corrections. Ether (ETH) dropped by 18% from $4,032 to $3,115. Similarly, XRP tumbled from $2.6 to $1.96 for a 21% dip, BNB dropped by $736 to $620 for a 16% dip, and SOL rounded up the top four cryptos with a 20% drop from $225 to $177.

In the futures market, over 400,000 crypto traders saw $1.4 billion worth of short and long positions liquidated, according to data from Coinglass. This led to the global crypto market cap decreasing by 12% over the past day with the market cap currently at $3.2 trillion. However, the total crypto market volume rose by 31.47% to hit $33.98 billion with bitcoin’s market dominance increasing marginally to 57.95%.

Despite the market downturn, major cryptocurrencies continued to trade above key psychological levels. This points to a greater resilience of the crypto market, driven largely by institutional interest and bullish market sentiment. As such, this price crash could be a temporary pullback in the bull cycle expected to last up to 2025.

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