Bitcoin (BTC) faced heightened volatility on Tuesday, slipping below the crucial $39,000 threshold and registering a 4.33% decline over the past 24 hours. As of the latest update, the primary cryptocurrency was exchanging hands at $38,955. This market movement prompted a significant liquidation event, affecting 124,153 traders and resulting in total liquidations amounting to a substantial $326.47 million. Notably, the largest single liquidation order occurred on the Bybit platform, with a considerable value of $5.00 million.<\/p>\n\n\n\n
Over the weekly charts, Bitcoin’s price has witnessed a decline of slightly over 9%, and the monthly perspective indicates a 10.72% decrease. This retreat follows a sudden surge that propelled Bitcoin to achieve a two-year high, surpassing $49,000. The surge coincided with the commencement of trading for 11 Bitcoin exchange-traded funds (ETFs) on January 11, following approval from the U.S. Securities and Exchange Commission (SEC).<\/p>\n\n\n\n
Bitcoin has been grappling with downward pressure since Monday, aligning with earlier predictions that raised concerns about the potential impact of the massive sell-off in the Grayscale Bitcoin Trust (GBTC) on the overall cryptocurrency market.<\/p>\n\n\n\n
With Bitcoin currently situated below the $39,000 mark, prospects for an immediate recovery appear less likely. However, some experts anticipate a potential shift in this trend, especially considering the upcoming Bitcoin halving cycle scheduled for April.<\/p>\n\n\n\n
In tandem with Bitcoin’s descent, Ethereum also experienced a downtrend, posting a 6% drop and settling at $2,230. The selling pressure on Ethereum has been exacerbated by substantial outflows from the Ethereum Foundation, totaling $13.6 million.<\/p>\n\n\n\n
Altcoins and stablecoins mirrored the broader market sentiment, with notable declines seen in Solana (SOL) and Avalanche (AVAX), down 8% and almost 10%, respectively. DAI and TRON registered more modest drops, falling less than 1% in the past 24 hours. The prevailing market conditions underscore the ongoing volatility in the cryptocurrency space, further highlighting the complex interplay of factors influencing digital asset valuations.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin (BTC) faced heightened volatility on Tuesday, slipping below the crucial $39,000 threshold and registering a 4.33% decline over the past 24 hours. As of the latest update, the primary cryptocurrency was exchanging hands at $38,955. This market movement prompted a significant liquidation event, affecting 124,153 traders and resulting in total liquidations amounting to a …<\/p>\n","protected":false},"author":9,"featured_media":53010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6827,49,39,36],"tags":[7075,6904,6902,7770,7291,6901],"class_list":["post-95787","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-daily-economic-reports","category-economic-reports","category-global-stock-markets","category-market-updates","tag-adp","tag-bitcoin","tag-dow-jones","tag-fomc-minutes","tag-jolts","tag-nasdaq"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/95787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=95787"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/95787\/revisions"}],"predecessor-version":[{"id":95788,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/95787\/revisions\/95788"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53010"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=95787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=95787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=95787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}