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Bitcoin (BTC) Slips Below $92,000 Amid High Liquidation
As 2024 comes to a close, the largest cryptocurrency, Bitcoin (BTC), has seen a sudden dip in value, plummeting below $92,000. This drastic decline is largely attributed to fears of hyper-liquidation, sparking widespread uncertainty within the crypto community. At the time of writing, BTC is trading at approximately $91,814 according to CoinMarketCap.
Some market analysts have predicted that this drop may not be a one-time event, and instead, Bitcoin could potentially slip below $91,000 due to its negative correlation with the USDT Dominance Index. This sudden shift has sent shockwaves throughout the crypto space.
Interestingly, amidst this price correction, MicroStrategy’s CEO Michael Saylor has made another significant move by acquiring 2,138 BTC for approximately $209 million at $97,837 per Bitcoin. This purchase brings the company’s total holdings to a staggering 446,400 Bitcoins.
It appears that the cryptocurrency’s meteoric rise to a new all-time high of $108,000 has come to an abrupt end with this sudden retraction below $93,000.
Source: www.cryptonewsz.com
