#XmasCryptoMiracles decreased the likelihood of future cuts, leading to a global market collapse. Bitcoin fell from an all-time high of 108,000 to around 90,000 dollars in just a few days. Altcoins experienced a real massacre, with some tokens losing all their gains during the bull market.

Matt Hougan, Chief Investment Officer of Bitwise Asset Management, linked the recent crypto market drop to "the natural unwinding of leverage" and emphasized that "long-term factors remain unchanged, and we are still in a strong bull market."

This drop caused large-scale liquidations and reduced market leverage. At the same time, Christmas will arrive this week.