On November 27, Bitcoin (BTC) continued its downward trend, falling nearly 3% from the previous day and trading around the $91,000 (VND 2.2 billion) mark. Notably, the digital currency briefly dipped towards the $90,000 (VND 2.1 billion) level, its lowest point in the past seven days.
Bitcoin’s volatility dragged other Altcoins lower, with losses ranging from 4-7%.
Specifically, BNB (-4.5%), Ethereum (-3.3%), DOGE (-3.9%), Solana (-2.7%), XRP (-3.1%), and Pepe (-5.3%) all saw declines.
According to CNBC, Mati Greenspan, founder of Quantum Economics, stated that Bitcoin’s decline was not surprising given its strong performance immediately after Donald Trump’s election victory.
Bitcoin is experiencing a significant downturn.
As Bitcoin consistently broke records and approached the $100,000 mark, long-term investors began to sell off their holdings in the spot market, increasing market pressure and ending Bitcoin’s winning streak.
According to Coinmarketcap, data from Coinglass showed that over $500 million worth of positions were liquidated across the cryptocurrency market in the last 24 hours, impacting 197,551 traders.
Market analysts attributed the sudden crypto crash to geopolitical and macroeconomic factors, such as escalating tensions in the Middle East, which prompted investors to flock to traditional safe-haven assets, diverting funds away from this market.
Additionally, the strength of the US labor market and the Federal Reserve’s interest rate adjustments contributed to both BTC’s recent gains and its subsequent decline.
According to market analysts, including Peter Brandt, Bitcoin could face further downside pressure, with potential support levels at $91,583 or even $85,610. This would surprise many investors who have only witnessed Bitcoin’s record-breaking rally.
The Power of Trump’s Tweets: Bitcoin Surges by 40% in November
As the first signs of a Donald Trump election victory emerged, the cryptocurrency market witnessed an unprecedented wave of growth. Bitcoin, the leading cryptocurrency, was on track to post an impressive performance, surging 38% in November, according to data from Coin Metrics.
The Power of Trump’s Tweets: Bitcoin Surges Past $95,000
Bitcoin surges past $95,000 during early morning trading in Asia, setting an unprecedented record. This monumental leap occurs amidst news of President-elect Donald Trump considering establishing a new position within the White House dedicated to cryptocurrency policy.
The Future of Bitcoin (Part 2): Uncovering Cycles, Understanding Market Pulse.
In each growth cycle, BTC consistently forms new peaks and troughs, with each trough and peak being higher than the previous cycle. This consistent pattern indicates a strong potential for long-term growth, and there is a high probability that this upward trajectory will continue in the current cycle.
The Race to $100,000: Can Bitcoin’s Bull Run Continue?
According to cryptocurrency investors who spoke with MarketWatch, Bitcoin’s price is likely to reach the $100,000 mark, thanks to its recent surge in the aftermath of Donald Trump’s victory in the US elections. While the future beyond this significant milestone remains uncertain, the digital currency has seen a boost, with investors attributing it to Trump’s win.
The Future of Bitcoin (Part 1): Is the “Crypto Age” Upon Us?
The 2024 US Presidential Election results are in, and the Bitcoin fever is back with a bang. In less than a month, the cryptocurrency witnessed an astronomical rise of approximately 40% in value, breaking all previous records and soaring to new heights.
