Market Trends Update: Bitcoin and Cryptocurrency Prices Experience Unprecedented Shift

Crypto News Today (Dec 20, 2024): Bitcoin Falls to $96k as Market Stumbles

The cryptocurrency market has taken a drastic turn today as the price of Bitcoin has fallen to around $96k. The sudden drop has left many investors and traders in shock.

According to recent data, Bitcoin’s value dropped to an unprecedented low of $95,587.68 before making a slight recovery to $96k. This is a major change from yesterday’s trend where Bitcoin was on the rise, with a price surge above $100k.

It seems that the market’s response to the FED’s announcement about rate cuts has led to this unexpected downturn. As a result, the trading volume has seen a marginal decline of 0.54%, settling at $264.08 billion.

Further analysis reveals that there have been significant ETF outflows, amounting to $671 million in just 24 hours. This is an unprecedented event and has led to uncertainty within the market, resulting in Bitcoin’s value dropping below $97k.

Despite the downturn, some altcoins have seen a positive growth. MOVE token has led the way with an impressive gain of 10.93%, followed closely by HBAR at 2.01% and MNT at 0.41%.

On a separate note, Ethereum has experienced a significant drop of 8.18% in the past day, trading at $3,368.56.

Source: coinpedia.org