BTC Drops Below $92,000 Amid Massive Liquidation

Bitcoin (BTC), the largest cryptocurrency, has fallen 2.67% below $92,000 in 2024 amid fears of hyperliquidation. BTC is currently trading at $91,814, according to CoinMarketCap.

Some cryptocurrency analysts have predicted a drop below $91,000 due to a large dump linked to its negative association with the USDT Dominance Index.

Following the BTC price drop, MicroStrategy CEO Michael Saylor purchased 2,138 BTC for $209 million at $97,837 per Bitcoin, totaling 446,400 Bitcoins. The cryptocurrency’s remarkable rise to $108,000 ended abruptly when the price dropped below $93,000.

Is Bitcoin Decentralized?

The drop comes amid speculation about the causes of Bitcoin’s remarkable rise.

Sisyphus, a cryptocurrency expert, has boldly argued that MicroStrategy CEO Michael Saylor’s aggressive Bitcoin acquisition strategy may have fueled BTC’s rise.

If I didn’t know we were in a secular bull market, Saylor would appear to have been pushing BTC’s price higher since his buying program began on 10/30. Now that his buying volumes have been reduced, we need someone else to keep the scheme going.

However, Saylor’s reduced buying activity has raised questions about the sustainability of the rally.

Some academics are questioning whether BTC’s dramatic rise represents a “secular bull market” or an overreliance on institutional players to stimulate demand.

Following Donald Trump’s 2024 presidential victory, large institutions have increased their BTC holdings. However, the dominance of institutional players has raised questions about the decentralization of cryptocurrencies.

Another cryptocurrency expert said: “Cryptocurrencies like Bitcoin are not really decentralized—they are just centralized by different entities.” #BTCBelow92K#MicroStrategyStockSale#DEXVolumeRecord#btc2025 #BTCXmasOrDip? $BTC