• bitcoinBitcoin(BTC)$96,648.001.36%
  • ethereumEthereum(ETH)$2,768.315.26%
  • rippleXRP(XRP)$2.592.60%
  • tetherTether(USDT)$1.000.02%
  • binancecoinBNB(BNB)$677.486.58%
  • solanaSolana(SOL)$173.022.58%
  • usd-coinUSDC(USDC)$1.000.02%
  • dogecoinDogecoin(DOGE)$0.2468982.90%
  • cardanoCardano(ADA)$0.782.99%
  • staked-etherLido Staked Ether(STETH)$2,759.084.97%
  • bitcoinBitcoin(BTC)$96,648.001.36%
  • ethereumEthereum(ETH)$2,768.315.26%
  • rippleXRP(XRP)$2.592.60%
  • tetherTether(USDT)$1.000.02%
  • binancecoinBNB(BNB)$677.486.58%
  • solanaSolana(SOL)$173.022.58%
  • usd-coinUSDC(USDC)$1.000.02%
  • dogecoinDogecoin(DOGE)$0.2468982.90%
  • cardanoCardano(ADA)$0.782.99%
  • staked-etherLido Staked Ether(STETH)$2,759.084.97%

Bitcoin Reaches New Heights But Dips Slightly

December 8, 2023

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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