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📢📢📢 The crypto market crash on December 9, 2024, was caused by Few MAJOR converging factors:
🩸🩸Royal Government of Bhutan sold a total of 406 Bitcoins from its treasury, worth $40 million, as the $BTC price attempts a break to new all-time highs.
🛑1.Excessive Leverage and Liquidations:
Over $1.7 billion in leveraged positions were liquidated within 24 hours, with Bitcoin dropping below $94,000 and Ethereum falling by 8%. This triggered a domino effect across the market, as both long and short positions were forced to close, exacerbating the sell-off
🧮2.Quantum Computing Fears:
Google’s announcement of its advanced “Willow” quantum chip raised concerns about potential threats to cryptocurrency security. Though not an immediate issue, some traders speculated about vulnerabilities in cryptographic defenses, leading to market uncertainty
💰3.Government Bitcoin Sales:
Bhutan’s government moved a significant amount of Bitcoin to exchanges, fueling fears of increased supply and further price drops. This mirrored earlier moves that had pressured Bitcoin prices
🚀4.General Market Trends:
Broader market corrections tied to pre-halving cycles also played a role. Historically, Bitcoin experiences retraces and re-accumulation phases before halving events, aligning with patterns seen in this downturn.
These combined factors created a perfect storm, leading to the sharp decline.
$ETH
$BNB
#BURNGMT #BinanceMEOpening
🩸🩸Royal Government of Bhutan sold a total of 406 Bitcoins from its treasury, worth $40 million, as the $BTC price attempts a break to new all-time highs.
🛑1.Excessive Leverage and Liquidations:
Over $1.7 billion in leveraged positions were liquidated within 24 hours, with Bitcoin dropping below $94,000 and Ethereum falling by 8%. This triggered a domino effect across the market, as both long and short positions were forced to close, exacerbating the sell-off
🧮2.Quantum Computing Fears:
Google’s announcement of its advanced “Willow” quantum chip raised concerns about potential threats to cryptocurrency security. Though not an immediate issue, some traders speculated about vulnerabilities in cryptographic defenses, leading to market uncertainty
💰3.Government Bitcoin Sales:
Bhutan’s government moved a significant amount of Bitcoin to exchanges, fueling fears of increased supply and further price drops. This mirrored earlier moves that had pressured Bitcoin prices
🚀4.General Market Trends:
Broader market corrections tied to pre-halving cycles also played a role. Historically, Bitcoin experiences retraces and re-accumulation phases before halving events, aligning with patterns seen in this downturn.
These combined factors created a perfect storm, leading to the sharp decline.
$ETH
$BNB
#BURNGMT #BinanceMEOpening
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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