The crypto market has drastically declined, with Bitcoin hitting a 6-month low below 88,000 USD
The cryptocurrency market continues to plummet at the beginning of December, with Bitcoin dropping more than 3% within the hour, reaching a low of 87,689 USD, according to data from major exchanges. The total market capitalization lost an additional approximately 50 billion USD in just 24 hours, mainly due to the liquidation of future contracts (longs) amounting to 350 million USD. Altcoins such as Ethereum (3,800 USD) and Solana (128 USD) also fell, reflecting widespread fear sentiment. Investors are concerned about low liquidity over the weekend and selling pressure from Bitcoin miners, as increased mining difficulty forces them to sell coins to cover costs. Nonetheless, some experts believe this is merely a "temporary dump" ahead of expectations that the Fed will end quantitative tightening (QT) today, which could bring new capital.
#fear&greed
