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The crypto market faced a significant crash on December 9, resulting in a $1.7 billion liquidation, the largest since 2021. Bitcoin dropped from $101,109 to $94,150, while altcoins like Ethereum and XRP saw even steeper declines, with liquidations primarily affecting long positions. Analysts noted that the market was overheated, with aggressive selling on Coinbase triggering a cascade of liquidations, highlighting liquidity constraints even in larger markets.
PEPE, the meme-inspired cryptocurrency, has surged past an $11 billion market cap, driven by significant whale activity and high-profile exchange listings on platforms like Binance.US and Coinbase. In just one day, large investors accumulated $1.14 billion in PEPE, reflecting strong confidence in its future.Analysts predict a potential 254% increase in the coming months, with long-term forecasts suggesting gains of up to 1720% within a year, fueled by growing demand and favorable market conditions. As PEPE solidifies its position among top memecoins, its rapid rise highlights the volatile nature of the cryptocurrency market.
Bitcoin experienced its largest liquidation event since 2021, with $1.6 billion wiped from the market as prices dropped significantly. Coinbase traders initiated aggressive selling before the downturn, contributing to a cascade of liquidations, particularly affecting overleveraged positions. While some view this as a liquidation crisis, others see it as a potential reset for the market, allowing altcoins to establish stronger support levels.
Bitcoin has dropped below $97,000, marking a 3% decline, while other cryptocurrencies like Dogecoin and XRP have seen losses of 8% and 15%, respectively. Despite the downturn, analysts note signs of institutional interest, with significant BTC outflows from Coinbase and a reduction in sell-side pressure. Market volatility persists, but ETF support and institutional activity suggest potential for recovery.
Bitcoin has dropped below $97,000, marking a 3% decline in 24 hours, while other cryptocurrencies like Dogecoin and XRP have seen losses of 8% and 15%, respectively. Despite the downturn, institutional interest remains, with significant BTC outflows from Coinbase indicating continued accumulation. Analysts note a reduction in sell-side pressure and normalized futures funding rates, suggesting potential for market stabilization amid ongoing volatility.
Major altcoins, including XRP and Dogecoin, experienced significant declines of up to 15% amid heightened selling pressure, leading to over $1.5 billion in bullish liquidations—the highest in nearly three years. The market's downturn, which saw a 6.5% drop in overall capitalization, was exacerbated by concerns over Google’s new quantum computing chip impacting crypto privacy. Analysts noted unusual sell orders, suggesting a major player may have been forced to liquidate positions, indicating potential market extremes.
Coinbase has addressed allegations of unjust account restrictions amid rising user complaints on social media. The exchange attributed the issues to a surge in new users and increased fraudulent attempts, which have led to temporary restrictions and longer customer service wait times. Despite criticism over security measures, Coinbase reassured users that its fraud prevention systems are effective, saving millions in losses.
Bitcoin remains resilient above the $90,000 mark, with analysts noting a milder 30% decline in its current cycle compared to previous ones. The presence of ETFs is stabilizing the market, while metrics indicate a healthy consolidation phase, suggesting strong demand and investor confidence for long-term growth. Additionally, a decline in the Exchange Stablecoin Ratio points to increased buying pressure and a shift towards mid- to long-term holding among investors.
Investor Dan Tapiero predicts significant growth for US-based decentralized finance (DeFi) over the next two years, following its previous exodus due to regulatory challenges. He highlights that institutions are beginning to recognize the potential of DeFi, which currently holds only 2% of the total $4 trillion in the broader financial market. With platforms like Coinbase and Kraken facilitating access, Tapiero believes the total value locked in DeFi, currently at $136.232 billion, is poised for substantial expansion.
Bitcoin's volatility decreased in Q3, with the Bitcoin Volatility Index peaking at 2.44% in November, down from 3.25% in August. Coinbase's stock has nearly doubled this year, reaching $310.52, driven by increased trading volumes and a favorable regulatory outlook under the new administration. Analysts predict further growth, with price targets for Coinbase shares rising to $420, fueled by expectations of record trading volumes in December.
Coinbase Global, Inc.
Companies
| Symbol | COIN |
| Name | Coinbase Global, Inc. |
| Currency | USD |
| Sector | Information Technology |
| IndustryGroup | Software & Services |
| Industry | Software |
| Market | NASDAQ Global Select |
| Country | United States |
| State | DE |
| City | Wilmington |
| Zipcode | 19801 |
| Website | http://www.coinbase.com |
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cryptocurrency market faces losses as bitcoin drops below 97000 dollars
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