Greed

Reserve Dollar

Bitcoin

Reserve

Daily

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<ul>
 <li>The crypto market witnessed a major sell-off during Asian hours, causing the global crypto market value to drop by up to 5% to $1.57 trillion.</li>
 <li>A popular Bitcoin analyst mentioned that the correction is not surprising, considering that the BTC price doubled in just two months.</li>
 <li>BTC price is expected to drop further due to the Bitcoin CME gap at $39.7K that needs to be filled before a potential rally.</li>
</ul>
<p><strong>Bitcoin and altcoins suffered a significant drop, leaving investors in shock: What factors are causing this decline?</strong></p>
<h2 id="strong-bitcoin-and-altcoin-prices-plummeted-strong"><strong>Bitcoin and Altcoin Prices Plummeted</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-126554" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1536%2C864&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-55.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>The crypto market experienced a substantial sell-off during Asian hours, causing the global crypto market value to drop by up to 5% to $1.57 trillion. While Bitcoin price fell by 7%, leading altcoins such as Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), DOGE, and SHIB recorded significant sales within a few minutes. The Crypto Fear and Greed Index dropped from 82 (extreme greed) to 80.</p>
<p>A correction in the crypto market was expected by traders as the market continued its rally. A popular Bitcoin analyst stated that the correction is not surprising, especially during periods of ‘extreme greed’ and major macro events, as corrections and pullbacks are crucial to confirm further rallies.</p>
<p>COINOTAG issued the first warning this week about the possibility of an upcoming correction. BTC price is expected to drop further due to the Bitcoin CME gap at $39.7K that needs to be filled before a potential rally. Open positions were liquidated by up to 5% on CME and 8% on Binance, respectively.</p>
<figure id="attachment_132315" aria-describedby="caption-attachment-132315" style="width: 100%" class="wp-caption alignnone"><a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?quality=70&amp;ssl=1" rel="noopener noreferrer nofollow"><img loading="lazy" decoding="async" class=" td-modal-image wp-image-132315 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?resize=696%2C517&amp;quality=70&amp;ssl=1" alt="Bitcoin-CME-Futures-1D" width="696" height="517" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?w=1924&amp;quality=70&amp;ssl=1 1924w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?resize=300%2C223&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?resize=1024%2C761&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?resize=768%2C571&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?resize=1536%2C1142&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?resize=150%2C111&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?resize=485%2C360&amp;quality=70&amp;ssl=1 485w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?resize=696%2C517&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?resize=1068%2C794&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?resize=1920%2C1427&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/12/Bitcoin-CME-Futures-1D.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-132315" class="wp-caption-text">
  Bitcoin CME Futures Daily Chart
 </figcaption>
</figure>
<p>Additionally, CoinGlass data shows over $400 million in significant liquidations on December 12th. The market wiped out longs worth $354 in just one hour. In the last 24 hours, more than 119,000 traders were liquidated, with the largest single liquidation order being $8.23 million on OKX’s BTC-USDT-SWAP. Due to position closures and selling pressure, the crypto market is in the ‘red’ today.</p>
<p>Inflation data released this week and the announcement of the year-end interest rate decision by the U.S. Federal Reserve prompted investors to liquidate their assets.</p>
<h2 id="strong-bitcoin-and-ethereum-prices-expected-to-drop-further-strong"><strong>Bitcoin and Ethereum Prices Expected to Drop Further</strong></h2>
<p>Bitcoin and Ethereum prices are expected to experience further retracement in the U.S. hours, and traders and whales are anticipated to consider another entry near support levels. A popular crypto analyst said, “We couldn’t break above 40,000.” He believes that a full reset in open interest (OI) does not disrupt the bullish market structure and is preparing for a rally towards $50,000.</p>
<p>He believes that the BTC price could reach $60,000 in the coming weeks. Meanwhile, he still expects the ETH price to reach $3,500. The BTC price is currently trading at $42,080, erasing gains from a few hours ago. The 24-hour lows and highs are $40,521 and $44,034, respectively. The ETH price is trading at $2,234 and experienced a 5% drop in the last 24 hours. The 24-hour lows and highs are $2,171 and $2,376, respectively.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/bitcoin-and-altcoins-experience-significant-bloodshed-whats-the-reason-behind-this-drop-will-there-be-further-decline/">Bitcoin and Altcoins Experience Significant Bloodshed: What’s the Reason Behind This Drop? Will There Be Further Decline?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Bitcoin and Altcoins Experience Significant Bloodshed: What’s the Reason Behind This Drop? Will There Be Further Decline?

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