Crypto Chaos: $362 Billion Vanishes as Bitcoin Swings Wildly

26.11.2024 15 times read 0 Comments

Why Is Crypto Crashing Today? $362 Billion Wiped Out

The cryptocurrency market has experienced a significant downturn, wiping out $362 billion from its total market capitalization. According to Coinpedia Fintech News, this decline was driven by increased volatility, liquidations, institutional moves, and profit-taking. All top ten cryptocurrencies were affected as Bitcoin saw sharp price swings between $37,000 and $38,600 within 24 hours.

Massive liquidations added to the turmoil with long traders using leverage suffering losses of up to $578.5 million in just one day. Institutional actions also played a role; expiring options led traders to adjust their positions while ETFs recorded net outflows despite some inflows showing optimism.

Cryptocurrencies Price Prediction: European Wrap

FXStreet reports that Bitcoin dropped below $37,000 due to leverage overheating and profit-taking. The recent pullback resulted in substantial liquidations amounting to over $150 million for BTC alone within 24 hours.

This correction comes amid broader crypto market pressures including geopolitical tensions affecting safe havens like Gold alongside tariff threats impacting equities markets globally.

Bitcoin Correction Could Go As Deep As $36,700

Benzinga highlights Standard Chartered's prediction that Bitcoin could drop as low as $36,700 before resuming an upward trend towards a year-end target of $50,000. This forecast is based on several factors such as U.S Treasury term premium reductions undermining Bitcoin’s appeal against traditional financial instability.

Kendrick from Standard Chartered notes potential drops linked with upcoming options expiries but maintains confidence in structural bull trends once short-term headwinds subside.

MicroStrategy Copycats Jump On The Bitcoin Bull

A Forbes article discusses how companies are emulating MicroStrategy's strategy by investing heavily in Bitcoin amidst sagging stock prices. Semler Scientific adopted this approach after facing revenue challenges, leading them into buying bitcoins worth millions, which significantly boosted their stock value.

This trend reflects growing interest among small public firms seeking similar gains through strategic investments aligning themselves closely with current bullish sentiments surrounding digital currencies worldwide.

Crypto Market Cap Plummets By Over A Hundred Billion Dollars Amid ETF Outflows

The Economy Middle East reported that the overall cryptocurrency market cap fell sharply, losing approximately $182 billion following notable withdrawals across various US-based exchange-traded funds (ETFs) during Monday trading sessions.

This downward shift coincided directly post-election excitement around policies boosting investor sentiment initially; however, subsequent sell-offs have tempered expectations moving forward, especially given impending SEC leadership changes potentially influencing regulatory landscapes further down the line.

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