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On Wednesday, the price of Bitcoin fell below the $100,000 mark, with the intraday low reaching $99,997 per coin. The entire crypto market was hit hard, declining 5.74% in the past 24 hours, with many cryptocurrencies suffering heavy losses.
Bitcoin's Roller Coaster Week: From Record High to Below $100,000
It feels like just yesterday that Bitcoin soared to a historic high of $108,364. Guess what? That's exactly what happened! But the very next day, which was Wednesday afternoon, Bitcoin fell to around $105,000. After the Federal Open Market Committee (FOMC) meeting, Bitcoin plummeted again as the central bank hinted at a slower pace of future rate hikes.
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Ultimately, BTC fell below the $100,000 mark, reaching $99,997 per coin, just a hair's breadth away. As of 8 PM Eastern Time on December 18th, it was trading at $100,563 per coin. The Bitcoin-to-US dollar exchange rate fell 4.8%, while Ethereum (ETH) dropped 5.5%. While many major currencies only experienced minor setbacks, meme assets saw larger declines. The notorious meme coin Peanut Squirrel (PNUT) plummeted 19.24%, followed closely by Popcat (POPCAT) with an 18.80% drop.
In addition to the numerous meme coins, Fantom (FTM) fell 12.52%, THORChain (RUNE) declined 12.47%, and Theta Token (THETA) dropped 12.33%. Despite the overall crypto market downturn, global trading volume grew 31% in the past day, reaching $248.41 billion. Tether (USDT), Bitcoin (BTC), and Ethereum (ETH) led the daily trading volume. Meanwhile, in the derivatives market, $671.52 million in positions were liquidated within just 24 hours. According to data from coinglass.com, these liquidations were mostly long positions in BTC, ETH, XRP, DOGE, SOL, and LTC.
The recent market downturn clearly reminds us that the excitement of the recent bull market can be as fragile as a house of cards, and even the slightest macroeconomic changes can lead to violent fluctuations. As Bitcoin rebounds to the $100,000 level, the market's reaction shows the extent to which investor sentiment can fluctuate under external forces. The pain is felt most acutely by meme coin holders and those who have heavily leveraged their bets, highlighting the roller coaster nature of this market cycle.
