Bitcoin Reaches New Heights But Dips Slightly
The cryptocurrency market is currently pausing, with Bitcoin (BTC) dropping to around $43,000 after crossing the $44,000 mark not too long ago. Over the past 24 hours, there has been significant volatility, with many coins reaching multi-month highs and then declining.
A slight correction
Bitcoin attempted to surpass $44,000 again on two separate occasions but was unsuccessful in both, indicating a temporary halt in bullish momentum. The derivatives market also saw liquidations of long positions, totaling close to $14 million in a one hour period.
In addition, various altcoins are retracing, although some like BitTorrent (BTT) have performed exceptionally well, experiencing massive gains within a 24 hour timeframe. On the contrary, PYTH, the native cryptocurrency of the Solana-based Pyth Network, lost a significant amount in the same period.
Ups and downs
In the broader financial context, European equities are slightly up, with the Euro Stoxx 50 futures gaining 0.2%. In Asia, Indian stocks rose after the decision to maintain rates was made by the central banks. Furthermore, Woodside Energy Group and Santos Ltd. are in talks for a potential merger to create a dominant liquefied natural gas exporter. Elsewhere, The Public Investment Fund of Saudi Arabia is increasing its investment in a technology venture with Alibaba Group, reaching a total of about $200 million.
Lastly, the Dollar-Yen pair experienced a rapid decline, surprising option traders and leading to a surge in short-term implied volatility, reaching a more than four-month high. The movement includes anticipation of the upcoming policy decision by the Bank of Japan on December 19th.
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