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Bitcoin’s Wild Ride: From $108K to $92K (Market Update)
This week has been a rollercoaster for the cryptocurrency market, with no exception when it comes to Bitcoin. The king of cryptocurrencies started the week by trading above $108,000 but took a drastic fall after the latest Federal Reserve rate cut and subsequent hawkish comments from Jerome Powell.
At its peak on December 17, Bitcoin reached an astonishing $108,000, fueled by the market’s euphoria following MicroStrategy’s massive BTC purchase. The company, led by Michael Saylor, allocated a staggering $1.5 billion to buy approximately 15,350 BTC at an average price of over $100,000.
However, the Fed’s latest rate cut and Powell’s warning about potentially halting future cuts sent shockwaves through the crypto market. Bitcoin tumbled toward $100,000 in the early hours of December 19 but quickly lost that level and plummeted to as low as $92,100.
The fall was exacerbated by a record net outflow from US-based spot Bitcoin ETFs on the same day. Nearly $700 million was withdrawn from these funds, leading many to speculate about whether this bull market has come to an end.
Despite this correction, it’s essential for investors and traders alike to keep in mind that long-term trends are far more significant than short-term price fluctuations.
Source: cryptopotato.com
