Earlier, Bitcoin reported a low of 94,300 dollars, and Ethereum also fell below 3,300 dollars. With Christmas approaching this week, the market's risk aversion sentiment is strong.
Bitcoin rebounded from a high of 92,268 dollars to 99,500 dollars on Saturday, but then started to fluctuate downwards again, reporting a low of 94,300 dollars at the time of writing, down 3.19% in nearly 24 hours; Ethereum also fell below 3,300 dollars, down 2.39% in nearly 24 hours.
In the last 24 hours, liquidations amounted to 270 million dollars.
In the context of fluctuating declines, according to Coinglass data, in the past 24 hours, the total liquidation amount in the cryptocurrency market reached 270 million dollars, with long positions liquidated amounting to 204 million dollars and short positions liquidated at 71 million dollars, with over 106,000 people being liquidated.
The European and American markets may be relatively quiet this week.
One of the biggest reasons for this drop is related to the US Federal Reserve hinting last week that it will slow down interest rate cuts in 2025, only reducing by 25 basis points instead of the previously expected 100 basis points.
Analyst Adam from Greeks.live analyzed earlier:
This round of the bull market has not seen significant corrections yet. Now, with the Christmas holiday, funding is tight, and a deleveraging trend may occur before Trump's inauguration, leading to strong risk aversion in the market.
From historical data, Bitcoin has a low probability of significant fluctuations during Christmas. Analyzing the performance of Bitcoin in December over the past ten years, it shows a 50% chance of closing higher, with the smallest increase occurring in 2015 at 13.83%, and the largest increase reaching as high as 46.92%; among the five closing declines, the largest drop was 18.9% in 2021, and the smallest was 3.59% in 2022.
Currently, the yield of BTC this month is -2.5%. We will soon know if it can turn positive.
