In the world of crypto, a rapid descent has unfolded, marking the swiftest drop in four months and prompting mild unease among traders. The correction across markets has triggered a flurry of #buythedip calls, indicating a prevalent eagerness and FOMO (Fear of Missing Out) sentiment as prices hit lows.
📉 #Crypto markets have retraced in a big way, & #Bitcoin's price has now dropped 9.8% since its top on December 8th. Lower cap #altcoins are showing particularly steep falls, and there is a mix between #buythedip calls vs. those who are speculating that a #bearmarket is looming. pic.twitter.com/rDB0cZze1C
— Santiment (@santimentfeed) December 11, 2023
The retracement in crypto markets has been pronounced, with Bitcoin experiencing a 9.8% decline since its peak on December 8th. Notably, lower-cap altcoins have seen steep declines, sparking a debate between those advocating for a strategic #buythedip approach and others speculating that a looming bear market may be on the horizon.
In the last 24 hours, a staggering 115,704 traders found themselves #liquidated, resulting in a total of $396.12 million in liquidations – a stark illustration of the market’s volatility. Bitcoin, the flagship cryptocurrency, dipped from $44k to $40k, contributing to an overall 4.1% reduction in the total crypto market cap to $1.64 trillion today.
🚨In the past 24 hours , 115,704 traders were #liquidated , the total #liquidations comes in at $396.12 million! 🔴🔴🔴#Bitcoin dips to $40k levels from $44k. Total #crypto market cap is now down 4.1% to $1.64T today 🔴
Are you buying, selling, or HODL-ing?
— CoinEcho (@mycoinecho) December 11, 2023
The question on every trader’s mind: to buy, sell, or HODL? As the crypto landscape navigates these fluctuations, it’s crucial to consider that a halving is less than 130 days away. Additionally, anticipation is building for a potential ETF approval slated for January 2024.
Final Thoughts
Amidst the market’s rollercoaster ride, investors find themselves at a crossroads, weighing the allure of discounted prices against the specter of a bear market. The crypto community remains on the edge, eagerly awaiting developments that will shape the trajectory of these decentralized assets in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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