$3,000 Gone Overnight: Bitcoin’s Slide Sparks Global Crypto Shakeup
Bitcoin’s price drop sparks global crypto volatility, with $271 million in positions liquidated. Experts weigh in on whether this marks the beginning of a deeper retracement or a buying opportunity.
$3,000 Gone Overnight: Bitcoin’s Slide Sparks Global Crypto Shakeup
Bitcoin’s value took a hit early Monday, falling beneath the $94,000 mark. In just 24 hours, a staggering $271.22 million in crypto positions—both short and long—were wiped out as the leading digital asset’s price slid sharply.
Bitcoin Slides Into the Red—South Korea’s Premium Returns
As of December 23, bitcoin (BTC) has dropped 2.1% against the U.S. dollar, marking an 11.5% decline over the past week. This recent dip has shaved approximately $3,000 off BTC’s price, with its market cap hovering at $1.84 trillion, making up 57% of the global $3.24 trillion crypto market.
Bitcoin’s Monday morning trading volume settled at $57 billion, while the global crypto market reached a total trading volume of $155 billion. The main trading pairs for BTC include tether (USDT), USD, FDUSD, USDC, and KRW. As of 10:45 a.m. ET on Monday, BTC was priced at $93,235, although the price on South Korea’s Upbit exchange had surged to $97,729 per coin. Around 1.77% of the BTC trades in the last 24 hours were in Korean won.
Massive Liquidations Across the Crypto Market
The crypto derivatives market saw a significant amount of liquidation, with $271.22 million in positions cleared across all assets. Bitcoin led the pack, with $63 million worth of positions wiped out, $44.4 million of which were long bets. Ethereum also saw substantial action, with $60 million in liquidations, including $40 million in long positions. Long positions accounted for the bulk of the liquidations, totaling $183.78 million.
What’s Next for the Crypto Market?
As the market absorbs the impact of recent volatility, crypto enthusiasts are left with questions about what comes next. Etoro analyst Simon Peters shared his thoughts with Bitcoin.com News, noting that investors are wondering whether the crypto markets will experience further retracement due to comments from the U.S. Federal Reserve’s Jerome Powell last week. Peters also raised the possibility that investors may see this dip as a “buy the dip” opportunity, holding out hope for a bullish outlook in the long term.
As Bitcoin and the broader crypto market navigate these turbulent waters, only time will tell if this marks the start of a deeper downturn or the perfect chance for savvy investors to re-enter the market.
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