Bitcoin and Ether Lead Market Downturn in Asia, Major Altcoins Follow

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Published: December 10, 2023 at 11:17 pm Updated: December 10, 2023 at 11:17 pm

Bitcoin and Ether Lead Market Downturn in Asia, Major Altcoins Follow

The Asian trading day commenced with a tumultuous start for major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Solana (SOL), and several significant altcoins, all experiencing notable declines as market volatility heightened.

Bitcoin, the leading cryptocurrency, saw its value drop by 5% within a 24-hour window, falling to a low of $41,300.

It later made a modest recovery, stabilizing around the $42,000 mark. Similarly, Ether, another key player in the market, plunged to $2,170 before rallying slightly to $2,239. Solana also wasn’t spared from the market downturn, dipping to $66 and then partially recovering to $70.

The #Bitcoin CME Gap at 39.7k…

By my count 28 out of 30 gaps have been filled on CME daily candles (93%). The other unfilled gap is pictured in the lower left of this chart also. pic.twitter.com/EyccaJTTkr

— Willy Woo (@woonomic) December 7, 2023

Data from Coinglass revealed a significant impact on traders, with over $335 million worth of liquidations occurring in the last 12 hours. The majority of these liquidations were long positions, amounting to $300 million.

In terms of liquidation impact, Bitcoin and Ether were at the forefront. Bitcoin positions faced liquidations of over $89 million, while Ether positions saw liquidations totaling around $74 million. The market’s current state, led by these two cryptocurrencies, indicates a heightened level of uncertainty and risk for investors and traders alike.

Willy Woo, a notable on-chain analyst, suggested in a recent publication that the market might brace for a further correction in bitcoin prices, potentially dropping to as low as $39,700.

This prediction adds to the growing concern among investors and market observers about the short-term stability and longer-term direction of the cryptocurrency market.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti