Bitcoin Price Dips Below $41,000 As Speculators Take Profits

Key Points:

• Bitcoin price dipped below $41,000 in a wider cryptocurrency market retreat.
• The broader crypto market experienced a significant decline, with Ethereum falling by over 4% and several tokens seeing declines of more than 10% within the past 24 hours.

Bitcoin price dipped below $41,000 as speculators cashed in on the digital asset rally, sinking up to 7.5% before recovering to trade around 4% lower at $42,000. Ethereum and other tokens also saw declines.

Bitcoin briefly dipped below $41,000 in a wider cryptocurrency market retreat as speculators cashed in on this year’s digital asset rally. The largest token experienced a decline of up to 7.5% before recovering some losses to trade around 4% lower at $42,000 on Monday.

Within a 24-hour period, Bitcoin dropped as low as 7.5%, reaching $40,300 before rebounding to $42,000. Other cryptocurrencies also saw declines, with Ether briefly hitting a low of $2,170 before climbing back to $2,230, and Solana dropping to $66 before recovering to $70.88.

These losses occurred primarily within the last 90 minutes. The broader crypto market experienced a significant decline with several tokens, including FLOW, CRO, APETHETA, XTZ, NEO, TON, KAVA, and PYTH, seeing declines of more than 10% within the past 24 hours.

Bitcoin Price Dipped Below $41,000

Coinglass data reveals that over the last 12 hours, there were over $341.20 million in liquidations, resulting in the liquidation of $305.95 million in long positions. Bitcoin and Ether were particularly affected, with over $90 million in Bitcoin positions and $74.75 million in Ether getting liquidated, leading the liquidation heatmap.

Amidst the dip, CoinCu recently reported that US regulators are becoming more open to approving spot Bitcoin ETFs, with meetings between the SEC and applicants progressing to key technical details. Experts believe that the approval window may be between January 5 and 10, 2024. Despite the recent dip, Bitcoin has still surged approximately 160% year-to-date, outperforming major stock indexes. However, it remains about 35% below its peak in late 2021. 

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