Bitcoin’s intraday low on Wednesday was $99,997 per coin, and the price of bitcoin had fallen below $100,000. The cryptocurrency market has fallen 5.74 per cent on the last day, with many coins suffering significant losses. However, bitcoin dropped into the $105K range on Wednesday afternoon, the following day.
As the Federal Open Market Committee (FOMC) meeting of the United States Federal Reserve suggested a slower rate of future rate reductions, bitcoin’s value plummeted once again. Bitcoin Dips Below the $100,000 area on December 18, 2024, as shown in the BTC/USD 1H chart by Bitstamp.
Bitcoin Holds $100K Meme Coins Drop
As of 8 p.m. ET on Dec. 18, BTC is cruising at $100,563 per coin, having narrowly avoided the $100,000 mark at $99,997. Compared to the dollar, bitcoin fell 4.8%, and Ethereum (ETH) fell 5.5%. Meme currency assets fell substantially more precipitously.
Then, the major cryptocurrencies, which saw only minor setbacks, Popcat (POPCAT) and the infamous Peanut the Squirrel (PNUT) meme coin, saw precipitous declines, with POPCAT falling 19.24% and PUT falling 18.80%, respectively.
In addition to the plethora of meme coins, the following cryptocurrencies saw significant declines: fantom (FTM), the chain (RUNE), and theta token (THETA). Despite the overall bear market in cryptocurrency, the number of trades has increased by 31% to $248.41 billion in the past day. The three most actively traded cryptocurrencies daily are Ethereum (ETH) and Bitcoin (BTC).
$671M Liquidated as Bitcoin Rebounds
Tether (USDT). At the same time, positions worth $671.52 million were eliminated in the derivatives markets within a single day. Most of these sales were for long positions in Bitcoin, Ethereum, Ripple, DOGE, Solaris, and Lightning, as seen by the analytics provided by coinglass.com.
Current market volatility serves as a sobering reminder that the current bull run’s euphoria can be precariously balanced, subject to sudden and unexpected collapse at the touch of a macroeconomic shift. We can see how wildly investor sentiment is.
Fluctuates in response to external factors from the market reaction as bitcoin recovers and re-enters the $100,000 milestone. Bitcoin Dips Below: This market cycle’s ebb and flow was especially pronounced for meme currencies and individuals who had placed large leverage bets.
Summary
Bitcoin’s price dipped below $100,000 on December 18, 2024, reaching an intraday low of $99,997 before recovering to around $100,563. The broader cryptocurrency market experienced a 5.74% drop, with meme coins like Popcat and Peanut the Squirrel suffering sharp declines.
The fall coincided with the Federal Reserve’s FOMC meeting, which suggested slower rate reductions, negatively impacting market sentiment. Meanwhile, $671 million in positions were liquidated, with significant losses in Bitcoin, Ethereum, and other assets. Despite these setbacks, trading volume increased by 31%, reflecting heightened market activity.
FAQs
Which cryptocurrencies saw the biggest losses?
Meme coins like Popcat and Peanut the Squirrel dropped significantly, along with other coins like Ethereum and Fantom.
What caused the market-wide decline?
The decline was triggered by concerns over slower rate reductions by the Federal Reserve and macroeconomic factors.
How did Bitcoin recover after dropping below $100K?
Bitcoin rebounded to around $100,563 after briefly hitting an intraday low of $99,997.
How much was liquidated in the market?
A total of $671 million in long positions were liquidated across various cryptocurrencies within a single day.
