Bitcoin earlier reported a low of $94,300, and Ethereum also fell below $3,300. With Christmas approaching this week, the market's risk-averse sentiment is strong.
Bitcoin rebounded from a high of $92,268 to $99,500 on Saturday before beginning another round of volatile declines. At the time of writing, it reported a low of $94,300, down 3.19% in the last 24 hours; Ethereum also fell below $3,300, down 2.39% in the last 24 hours.
In the last 24 hours, $270 million was liquidated.
Against the backdrop of a volatile decline, according to Coinglass data, the total liquidation amount in the cryptocurrency market reached $270 million in the past 24 hours, with long positions liquidated at $204 million and short positions at $71 million, affecting over 106,000 people.
The European and American markets may be relatively quiet this week.
One of the biggest reasons for this drop is related to the U.S. Federal Reserve's hint 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.
Greeks.live analyst Adam analyzed earlier:
This round of bull market has not yet seen a major correction. Currently, with tight funding during the Christmas holiday, a deleveraging event before Trump's inauguration cannot be ruled out, and the market's risk-averse sentiment is strong.
Historically, Bitcoin has a low probability of significant volatility during Christmas. Analyzing the past decade, Bitcoin's performance in December shows a 50% chance of closing up, with the smallest increase occurring in 2015 at 13.83%, and the largest increase reaching 46.92%. Among the five closing down instances, the largest decline was 18.9% in 2021, while the smallest was 3.59% in 2022.
Currently, the BTC yield for this month is -2.5%. We will soon know whether it can turn positive.
