The so-called "Christmas rally" seems less and less likely, with the prices of major assets like Bitcoin, Ethereum, and XRP dropping sharply on Monday (15), hitting their lowest values in at least a week, as liquidations piled up across all sectors.
Bitcoin suffered a decline of over 3% in the last 24 hours, plummeting from $90,000 to the current price of $85,939. This is the lowest recorded price for BTC since December 1, according to data from CoinGecko. At the time of writing this report, BTC has risen to the range of $86,000.
Meanwhile, Ethereum fell over 5% to $2,932, and XRP retreated 4.6% to $1.89 — its lowest quote in December so far. In the last week, all cryptocurrencies among the top 10 assets by market capitalization registered declines, with the exception of stablecoins pegged to the dollar.
The tumultuous start to the week led to a series of cryptocurrency liquidations, totaling $573 million in the last day, according to data from CoinGlass. Long positions, or bets on the price increase of an asset, represent the majority of this volume, with $486 million.
Overall, the cryptocurrency market lost over 3% of its value in the last 24 hours. Stock market indices, however, did not show such a strong impact on this Monday, with the S&P 500 falling 0.1% and the Nasdaq retreating about 0.3%.
