Bitcoin and Ether Face Market Downturn in Asia, With Major Altcoins Impacted
In Brief
Bitcoin and Ether faced significant downturns at the onset of Asia's trading hours, indicating increased volatility and possible adjustments in the market.
The trading day in Asia kicked off chaotically, with major cryptocurrencies like Bitcoin and various significant altcoins all showing substantial declines as market uncertainty grew. BTC ), Ether ( ETH ), Solana ( SOL Bitcoin experienced a 5% decrease in value within a 24-hour timeframe, dropping to around $41,300. Afterward, it managed to regain some ground, stabilizing near the $42,000 level.
Ether, another prominent cryptocurrency, decreased to around $2,170 before slightly rebounding to $2,239. Solana also suffered from the overall market decline, falling to $66 before partially recovering to $70.
According to my observations, 28 out of 30 gaps have been filled on CME daily candles (93%). The only unfilled gap is marked in the lower left corner of this chart.
The #Bitcoin CME Gap at 39.7k…
— Willy Woo (@woonomic) December 7, 2023
The market showed a significant impact on traders, with over $335 million in liquidations registered over the past 12 hours. The bulk of these liquidations were from long positions, totaling around $300 million. pic.twitter.com/EyccaJTTkr
Data from Coinglass When it comes to liquidation figures, Bitcoin and Ether were the most affected.
Liquidation figures for Bitcoin surpassed $89 million, while Ether positions faced around $74 million in liquidations. Current market conditions, heavily influenced by these two key cryptocurrencies, suggest heightened uncertainty and risks for both investors and traders.
Willy Woo, a well-known analyst in the on-chain space, indicated in a recent article that Bitcoin prices might be heading for another correction, possibly plunging to as low as $39,700.
This forecast has intensified worries among investors and market analysts regarding the cryptocurrency market's short-term stability and long-term trajectory.
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In line with the Trust Project guidelines Nik is a skilled analyst and writer at Metaverse Post, focusing on providing advanced insights into the dynamic tech landscape, especially in areas like AI/ML, XR, VR, on-chain analytics, and blockchain innovation. His writings engage a varied audience, ensuring they remain ahead in the fast-evolving tech sector. With a Master’s degree in Economics and Management, Nik possesses a deep understanding of the business realm and its convergence with emerging technologies.
