Bitcoin Declines Amid Thin Trading, Set for Second Weekly Loss

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Key Highlights

1. Bitcoin Slides Further:
   • Bitcoin Price: Down 2.1% to $96,403.7 by 06:30 GMT.
   • Year-End Trading: Soft volumes and cautious sentiment around cryptocurrencies have fueled the decline.
2. Impact of Inaccurate Chart Data:
   • An anomaly in TradingView’s Bitcoin dominance chart, which falsely displayed Bitcoin’s market share dropping to 0%, caused confusion in the market.
   • Immediate Reaction: Prices dipped towards $95,000 following social media concerns, reportedly triggering sudden sell-offs.
   • Liquidations: Approximately $33 million in Bitcoin long positions were liquidated within four hours, according to CoinGlass.
3. Weekly Loss Momentum:
   • Bitcoin is poised for its second consecutive weekly loss.
   • The post-election rally, driven by Donald Trump’s presidential victory, has lost steam.
   • All-Time High: Prices hit $108,244.9 last week before profit-taking and macroeconomic pressures induced a sharp pullback.
4. Federal Reserve Impact:
   • The Fed’s hawkish tone, indicating two rate cuts in 2025 instead of the previously expected four, has caused investors to reassess their positions in speculative assets like Bitcoin.
   • Ongoing macroeconomic uncertainties remain a headwind for cryptocurrencies.

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Altcoins Follow Bitcoin Lower

1. Ether (ETH):
   • Price: Down 1.5% to $3,337.39, after a 5% drop the previous day.
   • Weekly Outlook: Poised for losses amid subdued sentiment.
2. XRP:
   • Price: Declined 2.8% to $2.2187.
   • Weekly Decline: Nearly 4%.
3. Other Cryptocurrencies:
   • Solana: Down 1.7%.
   • Polygon: Lost 1%.
   • Cardano: Fell 8% to $0.8965.
   • Dogecoin: Declined 2.6%.

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Bitcoin’s downward trajectory reflects fragile investor confidence amidst macroeconomic pressures and market anomalies. The Federal Reserve’s hawkish stance continues to weigh on speculative assets, contributing to declines across the cryptocurrency market. With liquidity concerns persisting, altcoins are following Bitcoin’s lead, amplifying weekly losses as the year nears its end.