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Home BREAKING NEWS

Bitcoin Fell 10% Over the Weekend and Here is Why

BlockNews.com Team by BlockNews.com Team
December 11, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 3 mins read
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  • Bitcoin’s price saw major volatility over the weekend, dropping thousands of dollars before recovering somewhat
  • The flash crash triggered liquidations in leveraged positions, exacerbating the price decline
  • While Bitcoin has rebounded from its lows, the weekend swings highlight the cryptocurrency’s ongoing volatility

The price of Bitcoin saw major fluctuations over the weekend, dropping thousands of dollars in minutes before rebounding from its lows. The volatility highlights the notorious volatility of the cryptocurrency markets.

🚨 NEWS: #Bitcoin $BTC has fallen $3000 in less than 24 hours.

Is Bitcoin finally cooling down? pic.twitter.com/6ltlX661fz

— BlockNews.com (@blocknewsdotcom) December 11, 2023

The Sudden Drop

On Sunday night, Bitcoin suddenly fell from around $44,000 down to about $40,300, a plunge of over $3,000. The flash crash came after Bitcoin had climbed to about $44,000 last week and traded sideways below that level throughout the weekend.

Other Cryptocurrencies Follow Suit

Bitcoin’s drop rippled through the rest of the crypto markets. Ethereum fell around 6% on Monday to $2,196 while XRP lost 6% to fall to [current price]. Solana‘s SOL token slid 7% to [current price].

Crypto Stocks Take a Hit

Publicly traded crypto companies also took a beating as Bitcoin tumbled. Coinbase and MicroStrategy both dropped around 6%. Bitcoin mining stocks like Riot Platforms and Marathon Digital plunged even further, with losses of 12% and 14% respectively.

Leveraged Positions Liquidated

The sudden drop triggered a wave of liquidations in leveraged positions. According to data from CoinGlass, Bitcoin saw $120 million in long liquidations over 22 hours while Ether saw $86 million in liquidations. The cascade of liquidations likely exacerbated Bitcoin’s price decline.

Looking Ahead

While Bitcoin has fallen from its weekend highs, chart analysts say the cryptocurrency would likely need to fall further to put its ongoing rally in jeopardy. Some investors are now looking ahead to potential catalysts in 2023 like a Bitcoin ETF approval and the next Bitcoin halving in 2024. But in the near-term, Bitcoin’s wild price swings highlight that volatility still reigns supreme in the cryptocurrency markets.

Conclusion

Bitcoin’s weekend flash crash provided another example of the cryptocurrency’s propensity for wild price swings. While Bitcoin has rebounded from its lows, the drop showcases the two-sided risk of investing in such a volatile asset class. With major catalysts potentially on the horizon, market observers will be closely watching to see if Bitcoin can maintain its recent bullish momentum going into 2023.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBlockchainBusinesscryptoWeb3
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BlockNews.com Team

BlockNews.com Team

The go-to news source for Cryptocurrency, Blockchain, Technology, & Finance

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