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Bitcoin Moderates Bullish Rally Amid Asset Selloff

Bitcoin Moderates Bullish Rally Amid Asset Selloff
December 11, 2023 – 08:51

Meanwhile, other major cryptocurrencies are also experiencing fluctuations as part of a broader market correction.

The price of Bitcoin It briefly dips below $41,000 on Monday, nearly reversing a week’s worth of gains before regaining some ground and trading at $42,400. Other major cryptocurrencies such as Ethereum, XRP, Solana (SOL), and Cardano (ADA) are also down more than 5%.

According to some renowned traders, the price of Bitcoin It has a sharp drop of 6% from $43,233 and falls to the lowest point of $40,659 at 2:13 am on December 11 (UTC). This rapid drop is erasing the gains the cryptocurrency had made during the previous bullish week.

Ethereum is falling from the previous $2,330 to reach $2,145marking a drop of 7.9% in the same time period.

Meanwhile, other major cryptocurrencies are also experiencing fluctuations as part of a broader market correction, including than Bitcoin and Ethereum.

Bitcoin: the data analyzed by the market

Over the past week, Bitcoin has broken through the $42,000 mark, has remained above $43,000, and has been steadily reaching $44,000. Additionally, Bitcoin has seen an impressive rally, rising by 166% in 2023, significantly outpacing gold’s annual gain of 9%.

Pending the US Securities and Exchange Commission’s decision on the first Bitcoin exchange-traded fund (ETF), the industry is being bullish on participation from established financial institutions. According to a Bloomberg report, the next cryptocurrency “supercycle” could take the price of Bitcoin to potentially surpass $500,000 in the future.

Global acceptance of Bitcoin is also advancing. In partnership with Bitcoin Suisse, an infrastructure provider for cryptocurrency trading, staking and custody, the Swiss city of Lugano announced that it is ready to accept tax payments in Bitcoin and Tether (USDT).

Meanwhile, El Salvador announced a Tether-powered citizenship-by-investment plan to allow people to acquire citizenship through investments in Bitcoin and USDT.

Source: Ambito

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