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Bitcoin, the largest cryptocurrency, has fallen 5% from its two-week holding of $20,000. However, in a short-lived rally a few weeks ago, Bitcoin’s valuation recovered from his three-month low to above $21,000.
These gains brought hope to the cryptocurrency market and boosted investor confidence that the crypto winter is coming to an end. However, November 7’s market record dashed their hopes, sending many cryptocurrencies, including Bitcoin and Ethereum, into decline.
But Dogecoin co-creator Billy Markus believes Bitcoin could reach $100,000 one day.he said response To Twitter user Madame Doge, who lamented the current price of BTC while citing Michael Thaler’s bullish Bitcoin predictions.
Marcus said the price of bitcoin will only cost $100,000 to buy a sandwich due to inflation, or it will reach that price in the future when current users may already be dead. The conversation began with Mrs. Doge complaining and asking why the price of Bitcoin had fallen, but Marcus said it was due to a massive sell-out.
Over the past 24 hours, Bitcoin has broken below $20,000 and is currently trading around $19,500. The asset was trading at $20,400 24 hours ago, where he has held for two weeks. This performance made the market think that BTC is back on the upside.
According to a Coinglass report, $112.83 million of cryptocurrencies have been liquidated, wiping out 95% of long positions. More data on the big sale followed, revealing liquidations worth $300 million.
Market volatility often depends on Bitcoin’s performance. But the current one is different. Liquidation data shows that Ethereum and FTT are likely responsible for Bitcoin’s massive sell-off.
The feud between Binance and FTX caused the FTT value to drop by 19%. Furthermore, due to the possibility of bankruptcy, FTX has decided to raise funds by selling its Ethereum holdings. Santiment’s report confirms that selling pressure is building. The blockchain analytics firm also confirmed the offloading of his ETH from his ETH wallet on FTX.
Within days, FTX withdrew 300,000 ETH from the wallet, resulting in high selling pressure on the Ethereum market. As a result, Ethereum and his XRP fell by 6% while ETH fell below his $1,500 psychological level.
Meanwhile, memecoins, which was in the spotlight following Elon Musk’s acquisition of Twitter, is also down. Dogecoin, for example, is much worse than Bitcoin and Ethereum, with valuations down about 15%, while Shiba Inu (SHIB) is down 8% of his.
DOGE is currently trading at $0.08667 with a trading volume of $2,152,858,888.09. The current price of SHIB is down, with a 24-hour trading volume he is $493,920,114.
featured Image From CNBC, Charts From Tradingview.com
