Bitcoin Wipes Weekly Gains in 20 Minutes, Trading Under $41K

Crypto market has lost its weekly gain within an hour as a sudden drop in Bitcoin price pushes Bitcoin under $41k.
Bitcoin Wipes Weekly Gains in 20 Minutes, Trading Under $41K

The cryptocurrency market almost lost an hour’s worth of gains due to a steep drop in the price of Bitcoin. According to Coinmarketcap’s data, on December 11 at around 2AM UTC, the price of Bitcoin dropped by almost 4.5%, from $43,345 to $41,649.

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Bitcoin (BTC) Price – Coinmarketcap

As per usual, the whole cryptocurrency market has experienced a precipitous decline in value as it has followed Bitcoin’s example. In just a few minutes, Ethereum (ETH) has plunged more than 6%, and other cryptocurrencies including Binance Coin (BNB), Ripple (XRP), Solana (SOL), and others have fallen more than 5% as well. Nearly all of the top 100 tokens listed on Coinmarket Cap have seen declines, according to the Crypto Heat map.

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Crypto Heat Map

According to Coinglass, this sudden December 11 dump appears to have had an unknown cause, but it was one of the largest long liquidation days ever, wiping away $298 million worth of long bets.

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Cryptocurrency market total liquidation – Coinglass

The market’s decline came after a two-week surge that saw the price of Bitcoin rise from $37,000 to $44,000, its highest level in 19 months, over the previous week.

A bullish outlook on the price of bitcoin for 2024 has been created by the current spike, which is largely driven by optimism regarding the approval of spot Bitcoin ETFs, anticipation regarding the FED’s impending decision to decrease interest rates, and the halving of Bitcoin.

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