📉 The crypto market plummets, market capitalization falls below $3.7 trillion, down 5.7% in the last 24 hours!
1. Market Overview:
Total market capitalization of the crypto market: fell below $3.7 trillion, currently at $3.657 trillion, down 5.7% in the last 24 hours.
Bitcoin market capitalization share: BTC.D share rebounds to 56.95%, indicating capital flow back into BTC.
2. Major market events in the last 24 hours:
Liquidation wave:
In the past 24 hours, 572,395 people were liquidated, far exceeding the “312 event” on March 12, 2020, setting a historical record.
Bitcoin key support:
Support level: $95,000, if broken, caution is needed; resistance level: $100,000, a breakout would be a strong buy signal.
3. MicroStrategy increases BTC holdings
On December 8, MicroStrategy increased its holdings by $2.1 billion, acquiring 21,550 BTC at an average price of $98,783 per coin.
Currently holding 423,650 BTC, accounting for 2.017% of Bitcoin's total supply.
MicroStrategy also issued $6.2 billion in convertible bonds this year, providing ample funding support to the market.
Coinshares data:
Last week, net inflows into digital asset investment products reached $3.85 billion, setting a new historical record.
Among them, Bitcoin saw an inflow of $2.5 billion, Ethereum saw an inflow of $1.2 billion, and Solana had a net outflow of $14 million.
4. South Korean market trading volume plummets
South Korean trading volume fell from a peak of $25 billion to $6.6 billion, indicating a sharp decline in market trading enthusiasm.
The MVRV ratio shows that the market is at a mid-term peak.
The current MVRV ratio for Bitcoin is 2.7 times (above the cost base), in the “mid-term peak” zone, historically this phase is often accompanied by profit-taking and consolidation periods.
5. Citigroup expects a 25 basis point rate cut in December, with a market rate cut probability of 78.1%, which will have a direct impact on market liquidity.
Bitcoin support and resistance:
Support level: $95,000, once broken, the market may see a larger correction.
Resistance level: $100,000, once broken, the market is expected to welcome strong buying sentiment, potentially pushing BTC into a new upward trend.
🔥 Investor advice:
The crypto market is experiencing severe volatility, with Bitcoin's support level at $95,000 and resistance level at $100,000 becoming key points. MicroStrategy increased its BTC holdings by $2.1 billion, and Coinshares data shows that institutional funds are still flowing in. Pay attention to the Fed's rate cut decision, as it may become another key catalyst driving the market.
