When Will It Cross $4,000?

Today's weak trade saw the price of bitcoin drop to $96k

When Will It Cross $4,000? Today’s weak trade saw the price of bitcoin drop to $96k, marking the second consecutive weekly decline.

nvesting.com— Amid weak year-end trade volumes, Bitcoin continued to fall on Friday. Investors remained worried about the future of cryptocurrencies following the Federal Reserve’s aggressive stance last week.

Bitcoin dropped 2.1% around 01:30 ET (06:30 GMT) to $96,403.7.

Thursday saw a decline in bitcoin as markets appeared to react to TradingView’s erroneous graphic data.

Following social media users pointing out an error on TradingView’s Bitcoin dominance graphic that falsely displayed Bitcoin’s percentage of the overall cryptocurrency market capitalization falling to 0%, the cryptocurrency fell around $95,000.

The mistake was later fixed, but it apparently caused abrupt trade movements that caused prices to drop.

About $33 million in long Bitcoin holdings were liquidated in four hours, according to CoinGlass data.

The glitch reportedly caused abrupt trade movements that drove the prices lower, even though it was later fixed.

Bitcoin is expected to drop for the second week in a row.

After the Fed meeting, a rally sparked by Donald Trump’s victory in the presidential election lost pace, and Bitcoin was expected to decline for the second week in a row. When Will It Cross $4,000?

Last week, the surge drove prices to an all-time high of $108,244.9. However, as a result of profit-taking under macroeconomic headwinds brought on by the Fed rate forecast, prices plummeted. When Will It Cross $4,000?

Despite lowering rates by 25 basis points, the central bank only announced two rate cuts for the following year, as opposed to the four cuts that were previously anticipated.

Bitcoin’s price dropped as a result of investors reevaluating their holdings in speculative assets. When Will It Cross $4,000?

Today's cryptocurrency price: most altcoins are down due to liquidity issues

In line with the price of Bitcoin, other cryptocurrencies also experienced weekly losses. Even after the aggressive Fed sparked worries about liquidity, demand for speculative assets remained muted.

The second-best cryptocurrency in the world Ether had dropped by almost 5% the day before and was now down 1.5% at $3,3379.39.

Globally ranked cryptocurrency XRP dropped 2.8% to $2.2187 and was expected to drop by about 4% this week. When Will It Cross $4,000?

Cardano dropped more than 8% to $0.8965, while Solana and Polygon both saw 1.7% and 1% declines. Among meme tokens, Dogecoin experienced a 2.6% decline. When Will It Cross $4,000?

Frequently Asked Question

Why did Bitcoin drop to $96k today?

Bitcoin dropped to $96,403 due to weak trade volumes and investor concerns over the Federal Reserve’s aggressive stance on interest rates. Additionally, a glitch in TradingView’s Bitcoin dominance graphic contributed to abrupt price movements.

What caused the drop in Bitcoin price despite the glitch being fixed?

The glitch in TradingView’s Bitcoin dominance graphic falsely displayed Bitcoin’s market capitalization as 0%, which led to panic selling and the liquidation of $33 million in long Bitcoin holdings. Although the glitch was corrected, the market reacted sharply, causing a price drop.

How did the Federal Reserve impact Bitcoin's price?

The Federal Reserve’s decision to lower rates by 25 basis points and only announce two rate cuts for the next year, instead of the expected four, led to a reevaluation of speculative assets like Bitcoin. This contributed to Bitcoin’s price decline.

Are other cryptocurrencies experiencing similar losses to Bitcoin?

Yes, other cryptocurrencies like Ether, XRP, Cardano, Solana, Polygon, and Dogecoin have also seen declines due to liquidity issues and a cautious market sentiment influenced by the Federal Reserve’s actions.

What does this mean for Bitcoin's performance in the coming weeks?

Bitcoin is expected to continue facing downward pressure, with analysts predicting it will experience a second consecutive weekly decline. Market uncertainty, driven by macroeconomic concerns and speculative asset reevaluation, is likely to influence Bitcoin’s price further.

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