Bitcoin Experiences Another Decline! Sharp Movement In Cryptocurrencies
- Posted on December 12, 2023 7:51 AM
- Cryipto News
- 253 Views
On December 11th, the price of Bitcoin experienced a rapid decline, losing 6.5% and falling below $41,000.
On December 11th, Bitcoin's price experienced a sudden 6.5% drop within 20 minutes, falling from $43,357 to $40,659, briefly slipping below $41,000.
Ether, the second-largest cryptocurrency by total market value, experienced a decline of over 8.9% during the same time period. Following the drop, ETH's price stabilized at $2,233. Other major assets like Binance Coin, Ripple, and Solana also witnessed similar losses.
The short-term decline led to the liquidation of a $270 million long position. Simultaneously, the closure of a $1.2 billion open position in BTC contributed to the total amount dropping to $17.9 billion.
This decline occurred just a few minutes after Scott Melker from Wolf of All Street mentioned that Bitcoin closed its eighth green candle on the weekly chart. Melker drew attention to this event by questioning when the correction would come.
#Bitcoin just closed it's 8th green weekly candle in a row.
— The Wolf Of All Streets (@scottmelker) December 11, 2023
This week's candle was a monster.
When correction, sir? pic.twitter.com/xxWjTxxLLr
This decline marks the largest daily drop for Bitcoin in over a month, despite the cryptocurrency experiencing over a 12% increase in the last 30 days.
Nevertheless, Bitcoin has seen a surge of over 150% since the beginning of the year, mainly driven by investor expectations surrounding the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Additionally, the expectation that the U.S. Federal Reserve will begin lowering interest rates in the middle of the coming year has contributed to the upward movement in Bitcoin's price.
Investors are also preparing for the next inflation data and the final Federal Open Market Committee (FOMC) meeting of the year. Most analysts agree on anticipating an improvement in inflation and believe that the Federal Reserve will keep interest rates unchanged.
