Crypto Market News With BingX December 6, 2024

Join the community of BingX The price of Bitcoin dropped sharply on December 5, liquidating a series of long positions worth $300 million. On December 5, the price of Bitcoin suddenly dropped 7.47% in just a few minutes, falling below the $91,000 level before recovering. This drop triggered a wave of long position liquidations worth a total of $303.48 million within an hour, pushing the total liquidations in the past 24 hours to over $404 million, according to data from CoinGlass. Felix Hartmann, the founder of Hartmann Capital, estimated a 70% chance that "this dump is over," while a 30% chance remains that the price will drop further. Hartmann said: "This dump has flushed out a lot of the leverage on BTC. We only go deeper if the market sentiment gets scared enough to make everyone take profits." An anonymous crypto trader Smiley Capital described the event as "a historic day." He wrote on X: "It took just 3 minutes for Bitcoin to drop nearly 10%, equivalent to a $200 billion market cap wipeout. 180 seconds. $200 billion evaporated." At the time of writing, the market capitalization of Bitcoin was $1.92 trillion. This event occurred just a day after Bitcoin first broke above the $100,000 price level and set a new ATH at $104,000. Read more related news:

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BingX Bitcoin Chart Bitcoin may enter an accumulation phase after the sharp correction. Tony Sycamore, a market analyst at IG, believes that the sharp price drop on December 5 is not a sign of the end of the Bitcoin bull cycle, but rather a signal that Bitcoin is entering a short-term accumulation phase. He wrote on X: "While this is not a sign of the end of the bull cycle, it does suggest Bitcoin will consolidate over the next few days or weeks." Bitcoin previously reached an ATH of $73,679 in March before consolidating in a wide range between $53,000 and $72,000 for the following seven months. On December 5, Cointelegraph reported that this year has seen over $31 billion in net inflows into US Bitcoin Spot ETFs, along with a tightening of supply after Bitcoin's fourth halving event in April. Currently, Bitcoin has support at $94,500 and resistance at $102,500, according to technical analysis data. About BingX Established in 2018, BingX is one of the leading crypto exchanges with over 10 million users globally. BingX offers a diverse range of products and services, including spot trading, derivatives, copy trading, and asset management, catering to the needs of both beginners and experts. BingX is committed to providing a trustworthy platform and enhancing the trading experience with innovative tools and features. In 2024, BingX proudly became the official partner of Chelsea FC, marking its foray into the sports industry. Additionally, BingX has also collaborated with two renowned UFC fighters from South Korea, Junyong Park and Da Woon Jung. Through these partnerships, BingX not only strengthens its brand image but also creates opportunities to connect with the sports community and fans worldwide. Disclaimer: Readers should conduct their own research before engaging in any transactions. BingX is not directly or indirectly responsible for any damage or loss caused by or claimed to be caused by the use of, reliance on, or trust in any content, goods, or services mentioned in this article.