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Bitcoin’s Wild Ride: From $108K to $92K (Market Update)
The cryptocurrency market has been a wild ride over the past few days. Despite expectations of another rate cut, Jerome Powell’s hawkish comments sent shockwaves through the financial markets, including the crypto space.
As a result, Bitcoin’s price plummeted toward the $100K mark before dropping to $92,100. This drastic change in sentiment has led many to speculate whether this bull market has finally come to an end.
MicroStrategy, the business intelligence giant founded by Michael Saylor, made headlines once again by announcing its first-ever Bitcoin purchase above the $100K mark. The company allocated a whopping $1.5 billion to buy 15,350 BTC at an average price of just over $100,000.
On the other end of the spectrum, Ethereum whales have been accumulating large amounts of ETH, with data showing that they now hold a record 57.35% of the entire supply. This development could potentially impact market sentiment and lead to a reversal in the current downturn.
Meanwhile, Ripple announced its own stablecoin launch on December 17th, which sent XRP’s price soaring. The token release did not go unnoticed by investors, who saw this as a positive sign for the asset.
It’s important to note that BlackRock’s Bitcoin ETF has nearly doubled the AUM of its gold-based counterpart in less than a year, with an astonishing $60 billion in assets under management.
Lastly, the Fed’s latest rate cut and hawkish comments have led to massive net outflows from US spot Bitcoin ETFs.
Source: cryptopotato.com
