Bitcoin rebounded from a high of $98,000 to $102,000 yesterday before starting a new wave of decline, dropping to a low of around $95,682 at around five this morning. At the time of writing, it is reported at $97,278, down 3.85% in the past 24 hours.
In the past 24 hours, $1 billion was liquidated.
On the other hand, according to data from Coinglass, the total liquidation amount across the cryptocurrency network in the past 24 hours reached $1.003 billion, with long positions liquidating $859 million and short positions $169 million, affecting over 300,000 people.
One of the main reasons for this drop is speculated to be related to the U.S. Federal Reserve's expected announcement of a 25 basis point interest rate cut yesterday (the 19th), while also indicating a slowdown in future rate cuts in 2025, reducing the number of cuts to two instead of the previously expected four. However, Matt Hougan, Bitwise's Director of Information, stated on Twitter that the current situation will not hinder the upward trend of Bitcoin.
Hougan pointed out that the signals from the Federal Reserve have indeed had a negative impact on risk assets, making the declines in U.S. stocks and Bitcoin inevitable. However, he believes that the current correction does not signify the end of cryptocurrency, as the correlation between the Federal Reserve's attitude and Bitcoin is no longer as close as it once was, and Bitcoin now possesses intrinsic upward momentum.
Dogecoin trading volume has fallen to $415 million
Dogecoin (DOGE) trading volume has dropped to its lowest level since November, indicating a significant decline in market participation in both spot and derivatives exchanges.
In October, Dogecoin's price was $0.10. By the first week of December, it had surged to $0.48, with several analysts suggesting that the value of this cryptocurrency could be even higher. The price surge may be related to Donald Trump's election as U.S. president and the return of retail investors.
A few weeks after Trump's election, Dogecoin's trading volume soared to $5.69 billion, reflecting a noticeable interest in cryptocurrency trading. However, as of this writing, Santiment data shows the trading volume has fallen to $415.31 million.
According to the 4-hour chart, DOGE continues to trade below the descending triangle. The descending triangle is a bearish chart pattern characterized by a downward sloping upper trend line and a flatter horizontal lower trend line.
This pattern typically indicates a continuation of the price decline, as sellers consistently push prices lower while buyers struggle to maintain support at the horizontal trend line.
Since the price of DOGE is below a lower support line, it indicates that bulls may not be able to push the meme coin higher in the short term. Conversely, the value of the cryptocurrency may fall below $0.30.
This drop has caused me to reassess the entire process;
Back feels cold
I suddenly understand a logic:
For Americans, for capital, all they want is a BTC, a tool for making money; the so-called crypto ecosystem is worthless in their eyes, a concept fabricated by the crypto community. The crypto community does not represent blockchain; it is merely a small manifestation of blockchain.
After this, I will reassess the crypto space and adjust my entire strategy, hoping to take my fans who like me further along the way.
