Bitcoin suddenly plunged, falling 4.44% on the day. The cumulative increase this year has exceeded 145%. What is the future trend of Bitcoin?
On the morning of December 11, Beijing time, according to Bitstamp quotations, Bitcoin plunged during the session, falling 4.44% during the day. It was close to US$40,500 during the session, down more than US$3,000 from the intraday high. It is now trading at US$41,807 per coin.
According to 8marketcap data, the market value of Bitcoin has now surpassed Meta, rising three places to rank ninth in global asset market value. The market value is approximately US$856.73 billion, an increase of 11.07% in 7 days. The market value of Meta is approximately US$855.12 billion, an increase of 2.44% in 7 days.
Since the beginning of this year, Bitcoin has started a "mad bull" market, with a cumulative increase of more than 145% during the year. Affected by the upward trend of the overall market, the total market value of cryptocurrency has grown rapidly. According to Coingecko data, the current total crypto market value is close to US$1.5 trillion (approximately RMB 10.7 trillion).
According to a report by the Securities Times on December 5, in response to the surge, some analysts pointed out that the expectation that the Bitcoin spot ETF will be approved in the United States next year, coupled with the rising expectations of the Federal Reserve’s interest rate cut, has triggered excitement about the cryptocurrency market and promoted Bitcoin prices have surged recently.
According to data from the investment platform eToro and discussions on social media, U.S. retail investors are pouring into the virtual currency market, and cryptocurrency positions on the eToro U.S. platform have increased by 28% month-on-month. Currently, some market analysts are increasingly optimistic about the Bitcoin market, and some analysts even boldly shouted: "The price of Bitcoin will exceed the US$100,000 mark in 2024."
However, in the face of the recent surge in the virtual currency market, many analysts have warned of risks. Among them, Ayyar, vice president of international markets from cryptocurrency exchange CoinDCX, warned that if the Bitcoin ETF is rejected by US regulators again. The current Bitcoin rally may come to an end and the correction may continue.
He further stated that this round of Bitcoin rally is largely based on the expectation that the Bitcoin spot ETF will be approved.
Ayyar said: "A blanket rejection of the Bitcoin ETF could also wreak havoc on the cryptocurrency market, so it will definitely need to be watched closely."
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