tl;dr

Bitcoin's failure to surpass its all-time high led to a significant downturn, with over 90,000 over-leveraged traders suffering losses. Despite a promising week and massive inflows into US-based spot Bitcoin ETFs, the cryptocurrency fell from a high of $73,600 to under $69,000. This drop also affect...

BTC's failure to break its all-time high led to a sharp drop, affecting over-leveraged traders and causing significant liquidations in the market.

Bitcoin rallied this week but retraced before experiencing a sudden drop, impacting altcoins as well. The market saw enhanced volatility with over 90,000 traders being wrecked and a total value of liquidated positions reaching $280 million.

Bitcoin's failure to surpass its all-time high led to a significant downturn, with over 90,000 over-leveraged traders suffering losses. Despite a promising week and massive inflows into US-based spot Bitcoin ETFs, the cryptocurrency fell from a high of $73,600 to under $69,000. This drop also affected altcoins, with ETH and SOL dipping by 5% each, and meme coins like DOGE and SHIB slumping by 7.5% and 6.2% respectively. The overall crypto market cap decreased by approximately $100 billion, resulting in over 90,000 traders being "wrecked" in the past day. The total value of liquidated positions reached $280 million, with the largest loss being over $11 million on Binance.

BTC’s inability to break its own all-time high has resulted in a massive rejection that pushed it south hard to under $69,000 earlier today. The altcoins have followed suit, which has harmed over-leveraged traders, with more than 90,000 such market participants getting wrecked in the past day.

The primary cryptocurrency was on a roll this week, perhaps driven by the massive net inflows into the 11 US-based spot Bitcoin ETFs. As reported yesterday, October 30 was the second-best day for the financial products in terms of net inflows since their inception in mid-January. The rally culminated on Tuesday with a surge to $73,600, which meant that bitcoin had come just $150 away from tapping a new all-time high. While the community was expecting this to occur at any moment, BTC retraced slightly to $72,000 on Wednesday and Thursday before it dumped hard hours ago. It went from the aforementioned level to under $69,000 in minutes, losing over three grand in the process. As of now, it has recovered some ground, but it is still well below $70,000.

Many altcoins have suffered even more in the past day, with ETH and SOL dumping by 5% each. The two largest meme coins – DOGE and SHIB – have slumped by 7.5% and 6.2%, respectively. The cumulative market cap of all crypto assets is down by approximately $100 billion since yesterday and is beneath $2.450 trillion now. This enhanced volatility has resulted in more than 90,000 traders being wrecked in the past day. The total value of liquidated positions is up to $280 million, according to CoinGlass. The single-largest wrecked position took place on Binance and was worth over $11 million.

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JORDAN LYANCHEV - Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.


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More about United States Steel Corporation

Company: United States Steel Corporation

Business Focus: Manufacturing, Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)

Headquarters: Pittsburgh, Pennsylvania

Revenue: $8,892,748,000

Stock Price: $17.26

Price Change: $0.2

Dividend Yield: 2.29%

Market Cap: $7,531,000,000

EPS: $0.034

Shares Outstanding: 1,685,300,000

P/E Ratio: 41.87

RSI: -0.617

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Technical Analysis Report

Interpreting Market Trends: A Technical Analysis Perspective

As we examine the latest market data, it's crucial to note that the S&P 500 has shown a strong bullish trend, with the RSI indicating overbought conditions. This suggests a potential correction in the near future.

The stock of XYZ Company has formed a classic head and shoulders pattern, indicating a possible trend reversal. Coupled with decreasing trading volume, this signals a bearish outlook for the stock.

Furthermore, the 50-day moving average has crossed below the 200-day moving average for ABC Inc., indicating a bearish crossover and potential downward momentum in the stock price.

AMZN has approached a key resistance level at $3,000, and a breakout above this level could signify a continuation of the bullish trend, while a failure to breach this resistance might lead to a short-term pullback.

It's important to approach these findings with caution, as market dynamics can swiftly change. Past performance is not indicative of future results, and risk management remains paramount in all trading decisions.

Disclaimer

The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.
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