news 
Bitcoin (BTC) Slips Below $92,000 Amid High Liquidation
As 2024 winds up, the largest cryptocurrency, Bitcoin (BTC), has plummeted below $92,000 with a significant 2.67% drop due to the fear of hyper-liquidation rumors circulating in the community. At the time of writing, BTC is trading around $91,814, as per CoinMarketCap.
The sudden and sharp decline in price has led some crypto analysts to speculate that it could potentially dip below $91,000 in the near future, citing a massive dump linked to its negative correlation with the USDT Dominance Index. Meanwhile, MicroStrategy’s CEO, Michael Saylor, has announced the acquisition of 2,138 BTC for approximately $209 million at $97,837 per Bitcoin, further accumulating a staggering 446,400 Bitcoins in total.
Bitcoin’s meteoric rally to a new all-time high of $108,000 has come to an end with this sharp correction. This pullback comes amid growing speculation regarding the driving forces behind Bitcoin’s unprecedented rise.
A crypto analyst, Sisyphus, made a bold statement suggesting that BTC’s current momentum might have been heavily influenced by Michael Saylor and his aggressive Bitcoin acquisition strategy. If I didn’t know for sure that we were in a secular bull market, it would almost look like Saylor was singlehandedly pushing BTC price up since his buy program started 10/30, and now that his buy sizes are reduced, we need someone else to keep the ponzi going Hyperliquid — Sisyphus (@0xSisyphus) December 30, 2024
However, with reduced buying activity from Saylor’s side, he raised concerns about the sustainability of the rally. Some intellectuals are now debating whether BTC’s intense rally is a sign of a “secular bull market” or a symptom of over-reliance on institutional players to drive demand.
Recently, big institutions have started growing their BTC holdings after Donald Trump’s remarkable victory in the presidential election of 2024. However, the large dominance of institutional players sparked the debate about the cryptocurrency’s decentralized nature.
Another crypto expert posited that “Cryptocurrencies like Bitcoin aren’t truly decentralized—they’re just centralized by different entities.”
Source: www.cryptonewsz.com
