PakGazette– Bitcoin extended its declines on Friday amid weak year-end trading volumes, while investors remained cautious about the prospects for cryptocurrencies after the Federal Reserve took a hawkish stance last week. pass.
fell 2.1% to $96,403.7 at 01:30 a.m. (CET) (06:30 GMT).
Bitcoin retreated on Thursday as markets apparently responded to inaccurate chart data from TradingView.
The cryptocurrency fell to $95,000 after social media users pointed out an anomaly on TradingView’s Bitcoin dominance chart, which incorrectly showed Bitcoin’s share of the total crypto market capitalization falling to 0%.
Although the error was later corrected, it allegedly caused sudden trading reactions that drove down prices.
According to data from CoinGlass, approximately $33 million worth of long Bitcoin positions were liquidated in four hours.
Bitcoin is on track for its second consecutive weekly drop
Bitcoin was expected to fall for a second straight week as a rally induced by Donald Trump’s presidential election victory lost steam after the Federal Reserve meeting stymied.
The rally had taken prices to an all-time high of $108,244.9 last week, after which prices fell due to profit-taking amid macroeconomic pressures induced by the Federal Reserve’s rate outlook.
The central bank cut rates by 25 basis points but signaled just two rate cuts for next year, compared with earlier expectations of four cuts.
This shift led investors to reevaluate their positions in speculative assets like Bitcoin, which contributed to its price decline.
Crypto Price Today: Most Altcoins Down Amid Liquidity Concerns
Other cryptocurrencies also fell following Bitcoin prices and were on track to suffer weekly losses. Demand for speculative assets remained subdued after the Federal Reserve’s hawkish stance sparked liquidity concerns.
The world’s No. 2 cryptocurrency was down 1.5% at $3,3379.39, after falling nearly 5% the previous day.
The world’s No. 3 cryptocurrency fell 2.8% to $2.2187 and was expected to fall nearly 4% on the week.
fell 1.7% and lost 1%, while it fell more than 8% to $0.8965. Among meme tokens, it fell 2.6%.
