Greed

Ethereum

Cardano

Solana

Bitcoin

<p style="text-align: justify">A major sell-off wave occurred in cryptocurrencies at the beginning of the week after the opening of Asian markets. Following the wave of sales, the global crypto market value also fell by 5% to $1.57 trillion. While a 7% decrease was experienced in the Bitcoin price, major sales also took place in Ethereum (ETH), XRP, Solana (SOL), Cardano (<a href="https://en.coin-turk.com/cardano-ada-price-analysis-will-ada-experience-a-new-decline/" data-wpel-link="internal" rel="noopener noreferrer nofollow">ADA</a>) DOGE and SHIB, which were the most talked about altcoins in about a month. The “Crypto Fear and Greed Index” fell from 82 to 80, but it is still in the extreme greed zone.</p>
<h2 style="text-align: justify" id="why-are-cryptocurrencies-falling">Why Are Cryptocurrencies Falling</h2>
<p style="text-align: justify">Many analysts had predicted a decrease in cryptocurrencies in recent days. Accordingly, there was a correction expectation in the crypto market by traders.</p>
<p style="text-align: justify">Popular Bitcoin analyst WillyWoo pointed to the price movement in BTC and stated that it is not very common for its price to double in only a 2-month period without a pullback, and that a correction is also normal. Corrections and pullbacks are important for confirming the next rallies that could occur during ‘extreme greed’.</p>
<p style="text-align: justify">We had pointed out a potential correction this week by referring to CME in recent days. The need to fill the Bitcoin CME Gap at $39,700 before a possible rally was reflected in the charts. In this regard, the BTC price could fall a little more before a rise is triggered. Following this market situation, approximately 5% and 8% of open interest (OI) were liquidated respectively in CME and <a href="https://en.coin-turk.com/binance-researchs-monthly-market-insights-for-october-2023-a-review-of-the-crypto-market/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>.</p>
<p style="text-align: justify">Furthermore, CoinGlass data shows that over $400 million in large liquidations occurred just on December 12th. Within just one hour, $354 in long positions were liquidated.</p>
<p style="text-align: justify">The largest single liquidation of the day, valued at $8.23 million, took place in OKX’s BTC-USDT-SWAP. Over the course of the day, more than 119,000 traders were liquidated in the last 24 hours.</p>
<h2 style="text-align: justify" id="bitcoin-and-ethereum-prices-may-fall-further">Bitcoin and Ethereum Prices May Fall Further</h2>
<p style="text-align: justify">According to some analysts, Bitcoin and Ethereum prices are preparing for a new pullback. Depending on traders and whales chasing another buying opportunity near support levels, we could witness a further pullback as trading begins in the U.S.</p>
<p style="text-align: justify">Popular crypto analyst, Credible Crypto, stated, “As expected, we couldn’t break the 40,000 level”. According to the analyst, a full reset in OI left the bull market structure intact and preparations are being made for a rally that will exceed $50,000. The analyst believes that the BTC price could reach $60,000 in the coming weeks. In addition, he believes that the ETH price could reach $3500.</p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/major-sell-off-in-cryptocurrencies-as-asian-markets-open-global-crypto-market-value-plummets/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/major-sell-off-in-cryptocurrencies-as-asian-markets-open-global-crypto-market-value-plummets/</a>

Major Sell-off in Cryptocurrencies As Asian Markets Open, Global Crypto Market Value Plummets

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