Bitcoin’s price actions in the past few days have been nothing short of a substantial correction that pushed it south by around thirteen grand. It seems Powell’s comments made during the latest FOMC meeting have scared US investors as they pulled over $670 million from the spot Bitcoin ETFs within just a day. Red Record After slashing the key interest rates by another 25 basis points, Fed Chair Powell warned that 2025 might not see as many reductions due to the alarming numbers on the inflation front. To make things worse for BTC and the altcoins, he added that the central bank is not allowed to buy and store bitcoin for itself, which contrasts with one of Donald Trump’s many pro-crypto promises . The effects were immediate as the primary cryptocurrency’s price tumbled from over $105,000 to $98,000 immediately on Wednesday evening. After jumping to almost $103,000 on Thursday, the bears resumed control of the market and pushed it south to a multi-day low of under $96,000, leaving over a billion in liquidations. This came during the US trading hours. Data from FarSide indicates that US investors indeed got scared for their allocations into riskier assets like BTC and started to pull funds out of the Bitcoin ETFs. In fact, December 19 turned out to be the worst day in terms of daily outflows in the ETFs’ nearly year-long history. $671.9 million was withdrawn from the financial vehicles in total, with Fidelity’s FBTC and Grayscale’s BTC leading the pack – $208.5 and $188.6 million, respectively. Even BlackRock’s IBIT, which continues to shatter records , couldn’t attract any fresh funding but at least didn’t see any major withdrawals, ending the day at $0.0. Ethereum ETFs in Red, Too The spot Ethereum ETFs were on a roll for nearly a month, as they didn’t see a single net outflow day since November 21. However, the landscape around them changed as well, with investors pulling $60.5 million. Although the amount is more than 10 times lower than that of the Bitcoin ETFs, ETH’s price wasn’t spared. The asset is down by over 9% in the past day and struggles at $3,350 after its latest rejection at $4,000. The post Fed Effect: Biggest Net Outflow Day for Bitcoin ETFs Led to Crash Below $96K appeared first on CryptoPotato .
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Bitcoin dominance is a measure of a currency’s relative share of the total cryptocurrency market
The resurgence of interest among Smart DEX traders and whales marks a pivotal moment for AAVE, as they capitalize on recent price dips. This strategic accumulation trend suggests both confidence
Asia-Pacific markets trade mostly lower on Friday as investors reacted to the monthly fixing of key lending rates in China, with the PBoC maintaining them at record lows, as expected, after reductions in October and July. Investors also responded to data showing Japan’s headline inflation rate rose to a three-month high of 2.9% in November, up from 2.3% in October. Japan ( NKY:IND ) fell -0.17% to above 38,900, while the Topix Index gained 0.15% to 2,717 on Friday. The Japanese yen strengthened past 157 per dollar on Friday as investors responded to data showing Japan’s headline inflation rate rose to a three-month high of 2.9% in November, up from 2.3% in October. The core inflation rate also increased to 2.7%, surpassing market expectations of 2.6%. China ( SHCOMP ) fell -0.14% to around 3,380 and the Shenzhen Component rising 0.4% to 10,690, and the offshore yuan stabilized at 7.30 per dollar after the People's Bank of China held its key lending rates steady at December's fixing . Hong Kong ( HSI ) rose +0.08% to 19,874 in Friday morning deals, after closing modestly lower in the previous session. India ( SENSEX ) fell -0.22% to 79,090 in morning trade on Thursday, marking its fifth consecutive session of losses, while lingering at its lowest level in three weeks, driven primarily by declines in financial services, banking sectors, and realty stocks. Australia ( AS51 ) fell -1.24% to 8,067 on Friday, closing at its lowest level in over three months. Private sector credit in Australia rose by 0.5% month-over-month in November 2024, in line with market consensus. Domestically, investors turned their attention to the upcoming release of the Reserve Bank of Australia’s meeting minutes, following its decision to keep rates unchanged at 4.35%. In the U.S., on Thursday, all three major indexes ended little unchanged following the previous day's selloff as investors evaluated the potential impact of a hawkish Federal Reserve outlook on corporate returns in the coming year. U.S. stock futures were little changed on Friday as investors braced for the upcoming PCE price index report, the Federal Reserve’s preferred measure of inflation: Dow -0.15% ; S&P 500 -0.27% ; Nasdaq -0.57% . Traders also anticipated the release of the US PCE price index for November later today, the Fed’s preferred inflation measure. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: People's Bank of China keeps key lending rates steady for second straight month, as expected Bank of Japan keeps policy rate unchanged at 0.25%, as widely expected Japan's Nov export growth accelerates to three-month high, while imports unexpectedly fall China's Nov retail sales slows as stimulus impact fades; unemployment rate held steady Japan's factory activity shrinks for sixth straight month, services activity improves in December
The post El Salvador’s Bitcoin Holdings Skyrocket 133% Despite IMF Stark Warnings! appeared first on Coinpedia Fintech News Amidst the multiple warnings from the International Monetary Fund (IMF) to limit its Bitcoin purchases, El Salvador, the first country to adopt Bitcoin as legal tender, shows no signs of slowing down. Recently, El Salvador’s Bitcoin Office announced the addition of $1 million worth of Bitcoin to its Strategic Bitcoin Reserve. This bold move seems to be paying off, as the country’s Bitcoin portfolio has surged by over 133%, reaching an impressive $632 million. El Salvador’s Bitcoin Holding Pays Off Big! In a recent tweet post, El Salvador’s Bitcoin Office announced that it has transferred $1 million worth of Bitcoin into the country’s strategic Bitcoin reserves. This came after reports showed a wallet linked to El Salvador had bought 11 Bitcoins, worth $1.07 million, to boost its holdings. This shows the country’s strong belief in Bitcoin as part of its financial plans. El Salvador is sticking to its goal of buying 1 Bitcoin every day to grow its reserves. President Nayib Bukele proudly shared that the country’s Bitcoin portfolio has grown by an impressive 133%, now worth $632 million. Starting with 5,966 BTC valued at $270 million, the holdings have surged as Bitcoin’s price went above $106,000. pic.twitter.com/w9FrMmCkwi — Nayib Bukele (@nayibbukele) December 16, 2024 By increasing its Bitcoin reserves, El Salvador is strengthening its place in the global crypto market and betting on even bigger gains in the future. IMF Stark Warning El Salvador’s decision to invest in Bitcoin has attracted both supporters and critics. Recently, as Bitcoin’s price dropped below $100,000, the International Monetary Fund (IMF) warned El Salvador to limit its Bitcoin investments. Stacy Herbert, the director of El Salvador’s Bitcoin office, responded on X saying that Bitcoin would stay legal tender in the country. She also mentioned that the government would continue to add more Bitcoin to its reserves. EL SALVADOR SECURES $3.5 FUNDING DEAL Bitcoin remains legal tender El Salvador will continue buying bitcoin (at possibly an accelerated pace) for its Strategic Bitcoin Reserve Bitcoin capital markets will continue to be built; for example, the recent tokenized issuance… — Stacy Herbert (@stacyherbert) December 19, 2024 El Salvador also made a $1.4 billion loan dea l with the IMF. As part of the deal, President Nayib Bukele’s government agreed to reduce some of its Bitcoin policies. The deal also made it clear that taxes would only be paid in the U.S. dollar, the country’s other official currency. Despite the IMF’s warnings, El Salvador is still sticking to its Bitcoin plan, showing its belief in the long-term potential of cryptocurrency.
The historic outflows from US Bitcoin ETFs highlight growing investor uncertainty and could signal increased volatility in crypto markets. The post US Bitcoin ETFs see historic outflows as brutal sell-off shakes crypto markets appeared first on Crypto Briefing .
Before yesterday’s plunge, Bitcoin recent rally was able to propel the asset to a new all-time high of $108,000, marking another significant milestone in its upward trajectory. However, according to latest analysis, this notable price surge is accompanied by signs of potential market volatility, as long-term holders begin to exhibit selling activity. Attention has been turned to the Binary Coin Days Destroyed (CDD) metric, a critical tool for assessing the behavior of long-term Bitcoin holders. Related Reading: Bitcoin Breaks ATH Pushing Back Into Price Discovery – BTC To $130K? What Do Long-Term Holders Currently Signal? The Binary CDD metric tracks the activity of long-term holders by measuring the number of “coin days” destroyed relative to the total supply. When this metric spikes, it often indicates increased selling pressure from long-term investors. According to a CryptoQuant analyst, ShayanBTC, the Binary CDD metric has recently recorded a sharp increase, coinciding with Bitcoin’s new price high. Historically, such spikes in this metric have been precursors to market corrections, suggesting that these holders are taking advantage of current price levels to reduce their exposure. Shayan added that the long-term holders actions often serve as a barometer for broader market sentiment. The recent surge in the Binary CDD metric suggests that these holders might view the peak above $108,000 as a strategic exit point. If this selling pressure intensifies, it could lead to heightened market volatility and potentially trigger a price correction. Bitcoin Market Outlook Bitcoin has recorded a rollercoaster move in the past day. Particularly, following the FOMC news outcome yesterday along with the speech from Jerome Powell, Chair of the Federal Reserve of the United States, Bitcoin saw a significant plunge in its price dropping to as low as the $98,000 level. However, the latest price action has been quite interesting as BTC is showing a rebound. In the early hours of Thursday, Bitcoin saw a recovery in price after reclaiming the $100,000 to trade as high as above $105,000. Currently, Bitcoin has seen a retrace back to a price of $100,718, at the time of writing, marking a 3.5% decrease in the past day and roughly 6.6% reduction away from its all-time high (ATH). Meanwhile, adding to Shayan’s narrative, another CryptoQuant analyst, Onatt, highlighted additional market indicators that hint at potential turbulence. The Coinbase Premium Index, which tracks the price difference between Coinbase and other exchanges, is currently in negative territory, indicating increased selling pressure. Related Reading: Bitcoin Price Still Mirroring Bullish Move From 2023, What To Expect After Hitting $108,000 ATH Furthermore, the adjusted Spent Output Profit Ratio (aSOPR), a metric used to gauge profit-taking behavior, has shown sudden spikes. According to Onatt, these signals collectively highlights the need for sustained institutional demand, particularly through Bitcoin exchange-traded funds (ETFs), to stabilize market conditions. Featured image created with DALL-E, Chart from TradingView
Data shows a large amount of liquidations have piled up on cryptocurrency exchanges during the past day as Bitcoin and the altcoins have crashed. Bitcoin & Other Assets Have Witnessed Bearish Action In Last 24 Hours The past day has been a volatile time for the cryptocurrency sector as the US Federal Reserve has revealed a cautious outlook on interest rate cuts during the latest Federal Open Market Committee (FOMC) meeting. Reacting to the news, the Bitcoin investor selloff took the price to as low as under $99,000, but the crash was only short-lived, with the digital asset’s price showing some quick recovery. As is visible in the above graph, Bitcoin has already returned above $102,400, meaning the coin is down less than 3% during the last 24 hours. The altcoins, however, haven’t been so lucky, as most of them are still down notable amounts. Ethereum, the second largest asset in the sector, has seen losses of 5% in this window. With the market-wide price crash, it’s not a surprise that the derivatives side has gone through chaos of its own. Crypto Longs Have Just Taken A Massive Beating According to data from CoinGlass , there has been a mass amount of liquidations in the cryptocurrency derivatives market during the past day. “ Liquidation ” here refers to the forceful closure that any open contract undergoes after it amasses losses of a certain percentage. Below is a table that shows the numbers relevant to the latest market flush: As is visible above, there have been almost $790 million in cryptocurrency-related liquidations over the last 24 hours. Out of these, $662 million of the contracts involved were long ones, representing 84% of the total. This is naturally down to the fact that the market as a whole has crashed. In terms of the contributions from the individual symbols, Bitcoin and Ethereum have predictably come out on top once more. Out of the rest, XRP, Dogecoin, and Solana have stood out, as they have each contributed to $40 million, $29 million, and $23 million in liquidations, respectively. A mass liquidation event, popularly called a squeeze, isn’t something too uncommon for the cryptocurrency sector, due to the fact that assets tend to be volatile and leveraged trading is popular. That said, the scale of the latest flush is still notable and underlines the high speculative interest present in the market amid the bull run. The squeeze hasn’t discouraged these traders, either, as the Bitcoin Open Interest continues to sit at an all-time high (ATH).
Smart DEX traders and whales re-entered the market, buying AAVE in the recent price drop.