Bitcoin’s price dropped below $100,000 and hit an intraday low of $99,997 per coin on Wednesday. Many coins have taken a major hit, contributing to a 5.74 percent decline in the cryptocurrency market over the last day. On the other hand, the following Wednesday afternoon, bitcoin fell into the $105K level.
Once again, bitcoin’s value fell after the Federal Open Market Committee (FOMC) meeting of the US Federal Reserve proposed a slower pace of future rate reductions. According to Bitstamp’s BTC/USD 1H chart, Bitcoin fell below the $100,000 level on December 18, 2024.
$100K Bitcoin Meme Coins Drop
At 8 p.m. ET on Dec. 18, BTC is soaring at $100,563 per coin, just missing out on the $100,000 milestone at $99,997. Bitcoin Dips dropped 4.8%, and Ethereum (ETH) fell 5.5% relative to the dollar. The depreciation of meme currency assets was far more dramatic. Then, two prominent cryptocurrencies that had relatively slight setbacks—Popcat (POPCAT).
The now-infamous Peanut the Squirrel (PNUT) meme coin—saw huge drops: 19.24% for Popcat and 18.80% for PUT. Several other cryptocurrencies also witnessed steep drops in value: fantom (FTM), the chain (RUNE), and theta token (THETA), not to mention the abundance of meme coins. There was a 31% increase in trading volume to $248.41 billion yesterday despite the general bear market in cryptocurrencies. Ethereum (ETH), Bitcoin (BTC), and Litecoin (LTC) are the three most traded cryptocurrencies daily.
Bitcoin Rebounds, $671M
Ether (USDT). Concurrently, in a single day, $671.52 million worth of positions were closed out in the derivatives markets. According to data compiled by coinglass.com, most of these sales were for long positions in Bitcoin Dips, Ethereum, Ripple, DOGE, Solaris, and Lightning. The present market volatility is a sobering reminder that the current.
Bull Run’s enthusiasm is fragile and might collapse at the first sign of a macroeconomic shift. Investor mood is all over the place. As Bitcoin fully recovers and re-enters the $100,000 mark, its value fluctuates depending on market reactions. The decline in Bitcoin Price: Particularly affected by the ups and downs of this market cycle were meme currencies and those who had staked a lot of money on leverage.
Summary
On December 18, 2024, Bitcoin hit an intraday low of $99,997 before bouncing back to about $100,563. It had previously fallen below $100,000. Meme currencies, such as Popcat and Peanut the Squirrel, had precipitous falls, contributing to a 5.74 percent dip in the overall cryptocurrency market.
The FOMC meeting of the Federal Reserve, which occurred simultaneously with the decline, cast doubt on the market’s outlook for future rate cuts. At the same time, positions worth $671 million were liquidated, resulting in substantial losses in various assets such as Bitcoin and Ethereum. The 31% rise in trade volume reflects the increasing market activity notwithstanding these obstacles.
