As a seasoned crypto investor with a few battle scars from past market volatility, yesterday’s rollercoaster ride was nothing new but certainly exhilarating. The dance between $100,000 and below $93,000 within hours was a stark reminder of the unpredictable nature of this space. Yet, I’ve learned to embrace such swings as part of the game.
Yesterday, Bitcoin achieved an extraordinary feat by surpassing $100,000 for the very first time. However, soon after the cryptocurrency community began to rejoice, the price plummeted, falling below $93,000.
On that particular day, a large number of assets were sold off in the market, leading to this situation. Coincidentally, on the same day, the crypto market experienced approximately $890 million worth of liquidations. Moreover, Bitcoin accounted for more than $489 million of trading volume, with most of it coming from investors who anticipated that the prices would continue rising.
Today, things began to settle down and Bitcoin gradually regained its position, surpassing the $100,000 mark once more approximately at 12:45 PM ET. It reached a high of $101,878 before easing slightly to approximately $101,576.
This morning’s robust U.S. employment report appears to have contributed to the current economic recovery. Typically, the Non-Farm Payroll (NFP) figures are published on the first Friday of each month. As reported by ForexFactory, today’s NFP release surpassed expectations, signaling a strong performer for the U.S. dollar.
Another talking point was Donald Trump announcing venture capitalist David Sacks as the White House’s first-ever AI and Crypto Czar.
At present, the interest among institutional investors in Bitcoin is increasing significantly. Currently, Exchange Traded Funds (ETFs) dealing directly with Bitcoin hold approximately 1.1 million Bitcoins, which equates to a staggering $110 billion in value. This amount surpasses the estimated Bitcoin holdings of Satoshi Nakamoto, the enigmatic creator of Bitcoin.
The abrupt decrease in Bitcoin’s value likely came as a surprise to numerous traders, particularly those who had borrowed money for trading. However, the swift recovery back to 100K indicates that there remains strong interest in Bitcoin among investors.
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2024-12-07 00:36