Home Blog Page 1053

MicroStrategy Shareholders to Discuss New Strategy to Sell Shares and Buy More Bitcoin

Elendu Benedict
-
0
MicroStrategy Shareholders to Discuss New Strategy to Sell Shares and Buy More Bitcoin

Software firm MicroStrategy announces a special shareholder meeting to discuss acquiring more Bitcoin through increased company share sales.

MicroStrategy has gone ballistic with its Bitcoin cravings, with the Michael Saylor-chaired firm constantly thinking of means to buy more of the premier asset. In the latest development, shareholders of the business intelligence firm will meet today to discuss how to buy more Bitcoin.

According to the disclosure, MicroStrategy’s shareholders will discuss and vote on key proposals to enhance its 21/21 Bitcoin strategy. An integral part of the session would be a quest to increase the number of shares available for sale.

MicroStrategy to Deliberate on Shares Issuance

The software firm will vote on internal ways to raise more capital to procure Bitcoin through share sales. Subject to approval, it intends to increase the issuance of its common and preferred shares.

MicroStrategy proposes increasing the authorized class A shares from $300 million to $10.33 billion. It also intends to raise the authorized preferred share issuance from $5 million to $1.005 billion.

Meanwhile, this would facilitate capital attainment for more Bitcoin purchases. Notably, MicroStrategy raised $561 million last week by issuing over one million of its shares and bought 5,262 BTC with the realized funds.

Furthermore, the publicly traded pro-Bitcoin company will deliberate on aligning incentives for new directors with its Bitcoin strategy. MicroStrategy shareholders will vote on an amendment to the 2023 Equity Incentive Plan, which would automatically award equities to new board directors.

MicroStrategy Shareholder Meeting

Notably, MicroStrategy’s Bitcoin playbook has gained traction, with public firms like Marathon Digital and Metaplanet adopting the strategy. Lawmakers in regions like Russia and the European Union are also considering storing their reserves in Bitcoin as the asset nears mainstream adoption.

MicroStrategy’s Stock Records Massive Gains

Meanwhile, MicroStrategy’s stock (MSTR) has been a major beneficiary of the firm’s incessant Bitcoin purchase. The software company’s Bitcoin sweep has ensured that MSTR has ridden on the cryptocurrency’s immaculate performances to record jaw-dropping gains this year.

Data shows that MSTR has recorded a 477% yearly uptick, outperforming most stocks in the United States. Notably, the stock surged to a new all-time high of $543 in November, spurred by growing exposure to Bitcoin, which recently hit six figures.

Notably, MSTR’s performance has led it to join an elite list of non-financial companies. The business intelligence firm entered the Nasdaq 100 index fund yesterday after its impressive price uptick this year.

At the time of writing, MSTR is trading at $332.23, having posted an 8% deficit in the past 24 hours.

Large Shiba Inu Whale Daily Netflow Spikes 7,140% to 799,320,000,000 SHIB as Price Retests $0.00002

Sam Wisdom Raphael
-
0
Large Shiba Inu Whale Daily Netflow Spikes 7,140% to 799,320,000,000 SHIB as Price Retests $0.00002

On-chain data confirms that large Shiba Inu whales are buying the ongoing dip, even as SHIB retests critical support levels.

For context, Shiba Inu (SHIB) recently retested the crucial support around $0.00002 when it collapsed to a floor price of $0.00002095 yesterday. However, the meme coin rebounded quickly, managing a 4.55% intraday gain to hold above $0.000022.

Despite retaining the $0.000022 region, Shiba Inu is still one of the assets most affected by the ongoing market collapse, down 16.59% in December and now sitting on the 15th position among the largest crypto assets. SHIB has also collapsed by more than 32% since Dec. 9.

Shiba Inu Net Inflow Spikes 7,140% Despite Price Drop

Nonetheless, this bearish phase has not impacted confidence among large whales. Data from IntoTheBlock, which defines these whales as wallets holding at least 0.1% of SHIB’s circulating supply, indicates that the tier of addresses have been buying large chunks of SHIB since Dec. 10.

These whales have mostly witnessed positive netflows during this period, but the latest data confirms that they boasted a net inflow of 799.32 billion SHIB worth over $17.5 million yesterday. This figure represents an 11-day peak in positive netflows into these addresses.

Shiba Inu Large Holders Netflow IntoTheBlock
Shiba Inu Large Holders Netflow | IntoTheBlock

Further data scrutiny reveals that the addresses actually procured 1.21 trillion SHIB worth $26.6 million yesterday, but sold about 413 billion tokens ($9.1 billion), resulting in the net inflow of 799.32 billion SHIB. This represented a massive 7,140% increase from the previous day’s figure of 11.04 billion tokens.

Notably, throughout Q4 2024, net inflows to these addresses have outpaced outflows by nearly five times. The highest intraday net outflow from these addresses amounted to 951.84 billion SHIB on Nov. 6. However, the highest net inflow was 3.47 trillion tokens on Nov. 12, as SHIB retested the $0.000028 region.

The Crypto Basic called attention to some of these accumulation moves in previous times. Notably, in mid-October, a whale accumulated 83.3 billion SHIB tokens as the market aimed to rebound from a previous downtrend. A new whale procured 397 billion tokens in August. 

SHIB Exchange Reserve Slumps 

Data from CryptoQuant further confirms this accumulation spree. Particularly, Shiba Inu Exchange Reserve has witnessed a persistent decline since early December. Exchange reserves stood at 140.87 trillion SHIB as of Dec. 7 but have since dropped to the current figure of 135.74 trillion.

Shiba Inu Exchange Reserve CryptoQuant
Shiba Inu Exchange Reserve | CryptoQuant

Meanwhile, Shiba Inu is now looking to defend a breakout above a months-long symmetrical triangle. SHIB broke above the triangle in early November but appears to be retesting the breakout. The bulls need to defend this retest, which would provide a healthy position for Shiba Inu to recover.

Shiba Inu currently trades for $0.00002233 at press time, up 3.81% this week. The asset must defend the Fib. 38.2% level at $0.00001942 to hold against any collapse back inside the triangle. 

SHIB 1W Chart
SHIB 1W Chart

Bitcoin Price Analysis: Bulls Target $97K Amid Doji Formation

Albert Brown
-
0
Bitcoin Price Analysis: Bulls Target $97K Amid Doji Formation

Will the Bitcoin (BTC) price absorb the incoming supply for a bounce back or test the crucial $90K support level?

Bitcoin’s loss of the $94,000 support level has driven market-wide crypto liquidations to $242.21 million. However, unlike previous liquidation runs, the difference between long and short liquidations has significantly reduced.

Long-side liquidations total $128.98 million, while short-side liquidations account for $113.28 million. Amid such conditions, will the Doji formation on Bitcoin’s chart result in a rebound this week?

Bitcoin Price Analysis

In the daily chart, BTC’s price action showcases an intraday pullback of 1.06%. Currently, Bitcoin is trading at $93,990, creating its fourth consecutive red candle.

Furthermore, as predicted in our last price analysis article, BTC price managed to create a doji candle with a lower price rejection from the 50-day EMA. This has increased the chances of a Morning Star pattern. 

BITSTAMP:BTCUSD Chart Image by Trojan69420

However, the intraday pullback limits the chances. Nevertheless, with Bitcoin sustaining above the 50-day EMA line, the chances of a comeback are still significant. BTC has witnessed lower price rejections and bounce-backs from levels above $90,000 multiple times in the last month. 

However, the slowdown in bullish momentum has dropped the RSI line to 42.38 as it inches closer to the oversold boundary line. Hence, the technical indicator maintains a bearish outlook. 

Bitcoin Spot ETFs Lose $226M on Monday

Amid the loss of momentum, the institutional support for the largest crypto has failed to resurface, marking its third consecutive bearish day. The daily net outflow for U.S. spot Bitcoin ETFs remains at $226.56 million. 

BlackRock remains the only purchaser of Bitcoin, with an inflow of $31.66 million. The bearish pack was led by Fidelity’s outflow of $145.97 million. 

BTC Price Targets

Based on the price analysis, a continuation of the downtrend will continue to challenge the crucial dynamic support at $92,556. Meanwhile, the chances of a Morning Star pattern to challenge the 20-day EMA at $97,896 looms over. 

On a side note, as Bitcoin remains at a crossroads, the downside risk continues to grow. Hence, a bullish failure to form a morning star will likely result in a retest of the $90k support level. 

Rumble CEO Proposes Bitcoin Tipping for Creators After $775M Partnership with Tether

Abdulkarim Abdulwahab
-
0
Rumble CEO Proposes Bitcoin Tipping for Creators After $775M Partnership with Tether

Chris Pavlovski, the CEO of Rumble, a YouTube rival, hints at the possibility of a new Bitcoin tipping feature for content creators following Tether partnership.

In a Monday tweet, Pavlovski suggested that users might soon be able to tip their favorite creators using Bitcoin and stablecoin USDT. “Imagine you can tip your favorite creators with USDT or BTC directly on Rumble,” he wrote.

Notably, this suggestion comes on the heels of Rumble’s significant collaboration with the largest stablecoin issuer, Tether.

Rumble CEO on X
Rumble CEO on X

Rumble’s $775M Alliance with Tether

Last week, Tether bought 103.3 million shares of Rumble at $7.50 each, investing $775 million in total. This deal caused Rumble’s stock to rise by 76%. The fresh investment seeks to help Rumble strengthen its financials, support growth, and buy back up to 70 million shares for liquidity. 

Rumble’s CEO emphasized the shared values of decentralization and free expression between the two companies.

Tether’s CEO Paolo Ardoino highlighted the partnership’s potential for promoting decentralization and exploring opportunities in cloud services, crypto payments, and advertising. The deal will close in Q1 2025, with Tether holding a minority stake and no board involvement.

With the new capital infusion, Rumble’s CEO is teasing a rewarding feature for content creators on the platform.

Crypto Tipping Trend

Notably, the proposed crypto tipping feature is part of a broader trend among social media platforms. Platforms like X (formerly Twitter) have already adopted similar features. It introduced Bitcoin tipping in 2021, allowing users to send tips via services such as Strike.

Likewise, the popular live-streaming platform Twitch also ventured into crypto tipping back in 2018. It allows streamers to accept tips in Ethereum and BTC via third-party services like BitPay. 

By leveraging cryptocurrencies for tips, these platforms enable creators to bypass traditional payment systems, which often come with processing fees, offering a more efficient and cost-effective alternative.

Rumble Bitcoin Strategy

Beyond the tipping feature, Rumble has also made headlines recently for its decision to add Bitcoin to its financial records. The company announced that its board of directors approved a plan to allocate up to $20 million of its extra cash reserves into Bitcoin. 

This move mirrors that of other large companies, such as MicroStrategy, which has aggressively accumulated Bitcoin over the years. Just yesterday, MicroStrategy purchased an additional 5,262 BTC for $561 million, bringing its total holdings to over 444,262 BTC.

Analyst Says XRP is Going to $35 if Bullish Pattern Endures

Elendu Benedict
-
0
Analyst Says XRP is Going to $35 if Bullish Pattern Endures

Crypto chartist CryptoInsightUK speculates that XRP could see a substantial upsurge, reaching an ambitious $35 next year, if the current bullish pattern endures.

Despite its recent woes, XRP has had an impressive year. After a range breakout in November, the fourth-largest cryptocurrency by market cap surged to a multi-year high of $2.9 earlier this month.

XRP has appreciated a staggering 252% in the past year, spurred by bullish sentiments around the ecosystem. Specifically, Donald Trump’s election win and the SEC hierarchy reform have contributed immensely to the bullish performance.

However, Cryptoinsightuk believes an even better performance could come up next year. In a recent commentary, he placed ambitious targets for XRP in the first and final quarters of the year.

XRP to $10 and $35

The analyst noted he has adjusted his 2017 overlay bar to accommodate the recent XRP price breakout. An accompanying chart shows he has moved the price forecast bar to the current price level.

XRP Overlay Chart

Furthermore, he suggested that XRP will have a strong Q1 and Q3/4 performance if bullish momentum persists. Per his commentary, the digital asset would surge to $10 between January and March 2025 and hit $35 around 2025’s latter stages if current market sentiment endures.

Analyst Shares Crucial Factor to Decide XRP’s Next Direction

Meanwhile, another analyst, Dom, has provided a crucial update on the XRP price. He noted that the high-caliber asset had twice retested the $1.9 level, weakening the support.

Furthermore, he asserted that Bitcoin’s close below $95,000 would see the premier asset continue a downtrend, with altcoins joining the party. He argued that the correction would be “much larger” and see XRP capsize considerably.

CryptoInsightUK predicted that if XRP loses the $1.9 support, it would see a steep retracement to $1.6, as there is no demand zone in between. He also warned that a downtrend of that magnitude would detonate XRP’s bullish momentum and place the asset in uncharted territory.

XRP Price Analysis per DomHowever, the analyst mentioned that XRP will sustain bullish trends if it continues to hold the current price level. He insisted that the asset would override the bearish precedence with a surge to $2.4. 

The commentary shows that a $2.4 reclaim will put XRP in contention for a new all-time high. In the meantime, the asset trades at $2.18, down 2.75% in the past 24 hours.

Dogecoin Flashes Bullish Signal on Daily Chart: Time for A Parabolic Run?

Okoya David
-
0
Dogecoin Flashes Bullish Signal on Daily Chart: Time for A Parabolic Run?

Dogecoin has recently flashed a buy signal on the daily chart, suggesting the meme coin could be on the cusp of a parabolic run.

After showing strong momentum in November 2024 and the start of December 2024, the crypto market faces a strong pullback as the Federal Reserve recently poured cold water on 2025 liquidity expectations by announcing fewer than previously projected rate cuts.

Amid the rout, leading crypto meme coin Dogecoin (DOGE) is among the worst hit but a key indicator has now suggested that some reprieve may be in sight for the asset.

Could this be the start of another parabolic leg-up?

Dogecoin (DOGE) TD Sequential Flashes Buy Signal

At the time of writing, Dogecoin is trading around the $0.32065 price point, down 20% in the past week.

But, as recently highlighted by prominent crypto analyst Ali Martinez, some reprieve may be in sight for the leading meme coin. In a Monday, December 23 X post, Martinez revealed that the TD Sequential indicator had flashed a buy signal on the meme coin’s daily candle chart, hinting at an imminent rebound.

Chart showing TD Sequential buy signal on DOGEUSDT daily candle chart
Chart showing TD Sequential buy signal on DOGE/USDT daily timeframe. Source: Ali Martinez

The TD Sequential is an indicator traders use to try to time price reversals, usually by considering the previous candle closes.

Interestingly, the recent buy signal comes on the heels of an analysis from Martinez suggesting the DOGE is on the verge of a parabolic run.

Dogecoin (DOGE) Surge to $18 Confirmed?

Earlier on Monday, Martinez suggested that DOGE could be replicating its price action in 2017 and 2021. 

On both occasions, the doggy-themed meme coin had posted mammoth gains after correcting around 50% from an initial triple-digit percentage gain rally.

In 2017, it was a 212% gain followed by a 40% correction before a 5,000% rally to highs of $0.01857. In 2021, it was a 457% rally followed by a 56% slump before a surge to its current all-time high at $0.74.

Ali Martinez's analysis of Dogecoin/USD weekly candle chart
Ali Martinez’s analysis of Dogecoin/USD weekly candle chart. Source: Ali Martinez

This year, DOGE has surged over 400% to $0.48434 before correcting by 46% to recent lows around the $0.26216 price point.

Martinez suggested the asset could rally over 5,000% to the $18 price point if it replicates price action observed in 2017 and 2021, judging by an ascending channel on the asset’s weekly candle chart formed by the roughly four-year pattern.

BitBoy Says XRP Set to Flip Bitcoin Dominance Growth: Here’s How

Abdulkarim Abdulwahab
-
0
BitBoy Says XRP Set to Flip Bitcoin Dominance Growth: Here’s How

Market commentator Ben Armstrong, better known as BitBoy, predicts that XRP could flip Bitcoin’s dominance growth, explaining how this could happen in a recent video. 

While he’s not claiming XRP will surpass Bitcoin in market cap anytime soon, he strongly believes that XRP will outperform Bitcoin in dominance during this bull run.

XRP vs. Ethereum: The Race for the Number Two Spot

Armstrong began by addressing the ongoing competition between XRP and Ethereum for the second spot in the cryptocurrency rankings. 

While Ethereum has held this position for extended years, XRP briefly overtook it in 2018. Armstrong believes XRP has a strong chance of regaining that spot during this bull cycle. 

According to him, XRP is positioning itself as a major player in the global financial system, with a supposed appeal to both BRICS nations and Western powers like the IMF.

He further elaborates that while Ethereum continues to be adopted by enterprises and institutional investors, regular retail investors may shy away due to Ethereum’s slow transaction speeds, especially when compared to faster blockchains like Solana. 

Nonetheless, Armstrong noted that institutions that don’t require instant transactions will continue to favor Ethereum for its stability and role in decentralized finance (DeFi).

XRP to Challenge Bitcoin After Ethereum

Armstrong is confident that XRP can surpass Ethereum in market cap during this bull run. However, he acknowledges that it’s not a guarantee. While Ethereum will remain an institutional investment tool, he expects XRP to grow rapidly due to its appeal as a bridge currency in the global financial system.

Notably, Ethereum has a market cap of $411 billion, nearly four times that of XRP at $128 billion. XRP’s value must rise above $7 to reach Ethereum’s market cap. BitBoy has even predicted that XRP could reach a price of $22 this season, corresponding to a market cap of $1.26 trillion. This fuels his optimism that XRP could surpass Ethereum.

Meanwhile, Armstrong does not predict that XRP will reach the same market cap as Bitcoin in the near future. Instead, he sees XRP gaining significant ground against Bitcoin, particularly in terms of dominance. This would result in greater returns for XRP holders compared to Bitcoin.

XRP Eating into Bitcoin Dominance 

As The Crypto Basic reported earlier, XRP’s November rally significantly impacted Bitcoin’s dominance in the crypto market.

Specifically, Bitcoin’s dominance dropped by 6%, with XRP contributing 3% to this decline. From November 3 to December 3, XRP’s price surged by over 450%, and its market cap grew more than fivefold, reaching $154.83 billion.

This led to a temporary dip in Bitcoin’s dominance, which fell to 52%, though it has since rebounded to around 60%. Armstrong expects this scenario to play out again into 2025.

Ripple Stablecoin RLUSD Launches on First Singapore-Based Crypto Exchange

Albert Brown
-
0
Ripple Stablecoin RLUSD Launches on First Singapore-Based Crypto Exchange

RLUSD, the Ripple stablecoin, secures a listing on its first Singapore-based crypto exchange, Independent Reserve, as the platform grants its users access to the asset.

In the latest Ripple news today, The Ripple stablecoin, RLUSD, has officially launched on a major Asian exchange. Per a Tuesday announcement, Singapore users can now buy and use the stablecoin for pair trading and cross-border payments.

Independent Reserve announced it is the first Singapore exchange to bring the newly launched stablecoin to users in the region. The exchange noted that it allowed the use of RLUSD on its platform on December 22.

RLUSD Debuts in Singapore

Independent Reserve, which holds the position as the first licensed exchange in Singapore, noted that it offers the RLUSD stablecoin on its order book and over-the-counter (OTC) desk. This allows users to harness the asset’s full potential for trading and seamless cross-border payments.

Customers of Independent Reserve can buy and sell RLUSD on the order books using the Singapore dollar (SGD) or the US dollar (USD). The options allow users to acquire the XRPL-based stablecoin on the exchange conveniently.

Recall that Ripple confirmed that the stablecoin would debut on five exchanges initially, with planned support on additional exchanges like Independent Reserve later. Ripple’s CEO Brad Garlinghouse mentioned earlier that the Ripple stablecoin would later begin trading on Independent Reserve, Bullish, and Bitstamp.

Wen Ripple Integration?

Notably, Ripple has yet to integrate the RLUSD into its cross-border payment business. This means that retail traders have primarily driven the trading volume of stablecoins.

Nevertheless, the fintech firm announced it plans to draw institutional clients to the stablecoin early next year. The event could spell bullish momentum for the XRPL ecosystem, spurring a surge in transactions on the network.

Meanwhile, market observers expect RLUSD’s launch to boost XRP’s price considerably, but this remains speculative. Although XRP surged over 20% after approval from the New York Department of Financial Services (NYDFS) to launch the stablecoin, analyst Van Code speculated that the real XRP uptick would happen in the near term.

In the meantime, XRP trades at $2.25, up 3% in the past 24 hours.

Cardano Founder Reacts To Gemini’s Chill Guy Listing Amid Continued ADA Snub

Okoya David
-
0
Cardano Founder Reacts To Gemini’s Chill Guy Listing Amid Continued ADA Snub

Charles Hoskinson, the founder of Cardano, is not pleased with US exchange Gemini’s decision to snub the project while listing new memes like Chill Guy.

Since at least May 2024, speculation has run high that leading crypto exchange Gemini was set to finally list Cardano (ADA). After six months, however, this speculation has failed to materialize with a recent Gemini asset listing decision driving community members to their wit’s end.

Gemini Lists Chill Guy but Still No Cardano (ADA)

On Monday, December 23, Gemini disclosed that it had listed Chill Guy, allowing users to now buy and sell the new Solana meme coin on the exchange. While Gemini may have expected the announcement to spark broad excitement, a section of users is up in arms. 

Following the announcement, several Cardano community members have been quick to call out Gemini for its decision to list a months-old meme coin driven only by speculation while dragging its feet to list ADA, a long-time top ten crypto by market cap averaging billions in 24-hour trading volumes.

Surmising the Cardano community’s bewilderment, one user wrote:

“How is Gemini going to list? [sic] Chill guy, but not Cardano ADA.”

The post received support from Cardano founder Charles Hoskinson, who shared a gif of TV host Steve Harvey with the caption “I’M JUST SAYIN.”

The Crypto Basic reached out to Gemini for comment but has yet to receive feedback.

While it is unclear why Gemini has yet to list ADA, its recent decision to list Chill Guy is the latest instance highlighting the rush of crypto projects and firms to get a piece of the action from the meme coin mania that has dominated the sector in 2024. 

This mania has regularly generated billions in trading volume and millions in revenue for platforms like pump.fun as users chase the elusive promise of quick riches requiring only a little capital.

Santiment Identifies Best Periods to Buy, Hold, and Sell Bitcoin as Prices Drop to $94K

Albert Brown
-
0
Santiment Identifies Best Periods to Buy, Hold, and Sell Bitcoin as Prices Drop to $94K

Crypto behavior resource Santiment highlights the optimal periods to buy, hold, and sell Bitcoin amid the ongoing pullback.

Bitcoin news today: For context, this pullback has caused losses for Bitcoin in five of the last six trading days. The leading crypto asset has dropped 13% from its all-time high of $108,300, now trading around $94,000. Notably, the collapse has triggered a similar downturn for the broader market.

Amid this volatility, Santiment has shed light on the conditions driving these market movements. It noted that investor sentiment, which features the behavior of small traders and large wallets, often dictates Bitcoin’s trajectory.  

Retail investors, who comprise the majority, tend to buy when prices peak and sell during troughs. This pattern plays into the hands of larger players like whales and sharks, who accumulate assets during panic selling.  

A classic instance is the fallout from the FTX implosion in late 2022, which spurred widespread fears of Bitcoin’s demise. Retail panic reached unprecedented levels, creating a surge in negative mentions of Bitcoin across social platforms like Reddit and Telegram. However, this period of intense fear preceded a major rally.

Santiment on X
Santiment on X

Santiment Suggests When to Buy, Hold, and Sell  

Citing these reactions to sentiment trends, Santiment identified two key groups that drive market movements. These groups are whales and sharks and retail traders. Investors looking to invest in Bitcoin should consider the behaviors of these tiers of holders.

Whales and sharks are wallets holding 10 or more BTC, constituting the most influential stakeholders. These entities tend to accumulate during bearish phases and sell when markets overheat.  

Meanwhile, retail traders are the majority of smaller traders, who often follow emotional and herd-like behavior, buying high and selling low. The data suggests that the best opportunities for profit arise when traders act contrary to the crowd. 

Accumulating during widespread fear—such as during the FTX collapse or similar events—has historically led to significant gains. This represents the optimal time to enter the Bitcoin market.

However, Santiment noted that it is best to hold during periods of accumulation by whales. On the other hand, they suggested that investors could consider selling when speculative enthusiasm reaches irrational levels, such as during meme-coin frenzies.  

Bitcoin Reactions to Latest Sentiment Trends

In the current bull cycle, Santiment called attention to these patterns. Particularly, in late November 2024, following Bitcoin’s rally to $98,000 after Trump’s re-election victory, retail traders grew anxious about a pullback to $90,000.

Calls for Bitcoin crash
Calls for Bitcoin crash

Some even consistently disclosed plans to buy when BTC drops back to the $90,000 region. However, Bitcoin defied expectations, surging past $103,000 in early December after multiple failed attempts to breach the $100,000 milestone.  

Expectedly, this rapid rally triggered FOMO, with many traders projecting a swift rise to $110,000. Instead, the market moved in the opposite direction of these expectations. Notably, Bitcoin was corrected to $96,000 by Dec. 10. 

However, the rally resumed as bullish sentiment faded, culminating in the new all-time high of $108,300 on Dec. 17. This recovery push again sparked bullish commentaries, as investors anticipated the rally to hit the $110,000 milestone. Nonetheless, BTC has since collapsed, leading to the ongoing pullback.  

Image

Currently trading for $94,278, the crypto asset is now 13% down from the all-time high. This is due to a mix of profit-taking and external factors. Hawkish remarks from Federal Reserve Chair Jerome Powell added to market jitters. However, now that BTC is down, the prevalent sentiment is that a further drop below $90,000 could occur. This could be a precursor to a rebound.

1...1,0521,0531,054...2,662Page 1,053 of 2,662