Bitcoin’s Price Rollercoaster: Plunges to $41,000 Amidst Ongoing Volatility in the Cryptocurrency Market
Bitcoin’s Recent Dip: Witnessing a $186 Decline (Approximately Rs. 15,505) in Value Over the Last 24 Hours
On Tuesday, December 12, Bitcoin experienced a 1.30 percent loss on the cryptocurrency price chart, bringing its value down to $41,840 (approximately Rs. 34.8 lakh). This marks the second consecutive day of losses for BTC, as its value dipped by $186 (around Rs. 15,505) in the last 24 hours. Notably, over the course of this week, Bitcoin has descended from a price point of nearly $44,000 (approximately Rs. 36.6 lakh). Industry experts are characterizing this period as a ‘correction time’ for Bitcoin and other cryptocurrencies.
The cryptocurrency market is witnessing concerns about mounting liquidations, with $66.29 million (roughly Rs. 552 crore) liquidated in the past 24 hours, and a substantial portion, $46.58 million (approximately Rs. 388 crore), attributed to long liquidations. The 10-day moving averages align with the sentiment from the prior day, leaning toward a ‘Sell.’ Significantly, the value of liquidations per percentage point has notably decreased in 2023 compared to 2021, indicating market maturation over the past two years, according to Rajagopal Menon, Vice President at WazirX.
Ether, following Bitcoin’s lead, experienced a 0.42 percent dip in price on Tuesday, trading at $2,229 (approximately Rs. 1.85 lakh). In the last 24 hours, the value of ETH declined by $5 (around Rs. 415).
Adding to the crypto market’s challenges, Ether saw $34.64 million (approximately Rs. 288 crore) in liquidations within the past 24 hours, with the lion’s share ($34.24 million) attributed to long position liquidations, as highlighted by Menon.
In tandem with Bitcoin and Ether, various other cryptocurrencies are currently experiencing losses. This includes prominent names such as Tether, Ripple, USD Coin, Dogecoin, Chainlink, and Polygon, reflecting the broader market trend.
The downturn extends to Shiba Inu, Litecoin, and Bitcoin Cash, among other cryptocurrencies, with Stellar and Uniswap also navigating a challenging period of losses.
The markets are expected to remain volatile this week ahead of the Fed’s rate hike decision and release of CPI data. Bitcoin witnessed a major fluctuation in its value on Monday which resulted in liquidations worth $200 million (roughly Rs. 1,667 crore) as per data from Coinglass. The current pullback is a healthy one and BTC is well-positioned to touch the $50,000 (roughly Rs. 41 lakh) mark in the first half of 2024. AVAX is currently leading the altcoin surge with double-digit growth in 24 hours,” Shivam Thakral, CEO of BuyUcoin
