On Monday, December 16, the Bitcoin rate updated its historical maximum (ATH) twice — first at $106,500, and then around $107,200 (on the Binance exchange).$PNUT $HIVE $BTC
The next day, the asset again set a new ATH above $108,000.
However, the Federal Reserve System's meeting on Wednesday sharply changed market sentiment.
On December 18, the Federal Reserve announced a reduction in the key rate by 25 basis points, to 4.25-4.5% per annum. At the subsequent press conference, Fed Chairman Jerome Powell indicated that the agency is not interested in creating a national Bitcoin reserve.
After the meeting, the price of digital gold fell below $100,000. Over several days, the asset dropped to $92,000 — a decrease of 14%. On December 19, the volume of forcibly closed positions in the cryptocurrency market amounted to $1.01 billion, including longs worth $844 million.
At the time of writing, Bitcoin has recovered and is trading around $96,000.
The correction hit altcoins hard. In weekly terms, Ethereum dropped by 12.5%, compared to 5.4% for Bitcoin.
Solana (SOL) fell by 14.3%, dropping below the $200 level. Dogecoin (DOGE) and Cardano (ADA) lost 19% and 15% respectively.
The total capitalization of the cryptocurrency market is $3.5 trillion, with Bitcoin's dominance at 55%.#2024Crypto #2024withBinance #2025Outlook
