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- Bitcoin Drops to $93K, Wiping Out $303M in Longs in Minutes
Bitcoin Drops to $93K, Wiping Out $303M in Longs in Minutes
Bitcoin's sharp price drop below $93K triggers massive liquidations, briefly shaking market confidence before rebounding to $96K.
Joe G & Money Talks
December 06, 2024 • Estimated Reading Time: 7 minutes
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What we will talk about today...
Bitcoin Drops to $93K, Wiping Out $303M in Longs in Minutes
Donald Trump Congratulates Bitcoiners on $100K Milestone
XRP Bulls Face Risk as Bitcoin Dominance Rises
Bitcoin's sharp price drop below $93K triggers massive liquidations, briefly shaking market confidence before rebounding to $96K.
There was the (first) flush
70% chance that was it, 30% we go a bit lower
That wipe cleared out most of the lever on BTC. Only reason we go lower is if it spooked enough people into taking profit
Going moderately long here where I got enough room to buy some perps in the 80s
— Felix Hartmann (@FelixOHartmann)
10:55 PM • Dec 5, 2024
it took Bitcoin 3 minutes to drop ~10% which equals to ~200B drop
180 seconds. 200 Billion dollars lower.
5th December truly goes down in history
[Bullish] x.com/i/web/status/1…
— :) (@smileycapital)
10:55 PM • Dec 5, 2024
Main Points:
Flash Crash: Bitcoin fell 5.47% within minutes, hitting $92,957 on Dec. 5.
Liquidations Surge: $303.5M in long positions liquidated in an hour; 24-hour total hit $404M.
Market Recovery: BTC rebounded to $96,410; traders debate if the "flush" is over.
Short-Term Outlook: Analysts predict consolidation in the coming days or weeks.
Detailed Insights:
Historical Drop: BTC’s market cap fell by $200B in 3 minutes, marking a historic moment.
Analyst Comments: Felix Hartmann suggests a 70% chance the drop cleared excessive leverage.
Market Context: BTC recently hit $100K and reached an all-time high of $104K before retracing.
Consolidation Phase: Past highs have seen similar plateaus; analysts eye stability or slight dips.
Ugly price action here in #Bitcoin
This morning we noted that after yesterday's burst above $100k, there had been very little follow-through buying. We also highlighted signs of exhaustion and bearish divergence, which are excellent indicators of a short-term high.
Since our… x.com/i/web/status/1…
— Tony Sycamore_IG (@Tony_Sycamore)
11:00 PM • Dec 5, 2024
Ugly price action here in #Bitcoin
This morning we noted that after yesterday's burst above $100k, there had been very little follow-through buying. We also highlighted signs of exhaustion and bearish divergence, which are excellent indicators of a short-term high.
Since our… x.com/i/web/status/1…
— Tony Sycamore_IG (@Tony_Sycamore)
11:00 PM • Dec 5, 2024
Bitcoin's bull run isn’t over, but near-term consolidation could provide breathing room for the market. Traders should remain cautious of volatility.
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Donald Trump Congratulates Bitcoiners on $100K Milestone
President-elect Donald Trump celebrated Bitcoin’s surge past $100K, marking a turning point in his pro-crypto stance and sparking optimism for the industry’s growth under his leadership.
Main Points:
Historic Surge: Bitcoin reached $103,620, crossing $100K for the first time.
Trump’s Support: In a Truth Social post, Trump congratulated the Bitcoin community.
Policy Shifts: Pro-crypto promises include favorable regulations, mining support, and a Bitcoin reserve.
Market Reaction: Analysts predict BTC could hit $200K by 2025 under Trump’s presidency.
Detailed Insights:
From Critic to Advocate: Once skeptical, Trump embraced Bitcoin, even making BTC payments publicly.
Regulatory Moves: His pro-crypto SEC nomination signals a friendlier regulatory environment.
Global Influence: Increased Bitcoin adoption in the Middle East boosts global inflows.
Investor Optimism: Spot Bitcoin ETFs see record demand amid expectations of long-term growth.
Bitcoin trades at $97,846, down 4% in 24 hours, as the market consolidates after its historic surge.
₿itcoin reached $98,349. -4.58%
♢Ethereum reached $3,883. -0.83%
As XRP retraces from recent highs, analysts warn of potential liquidation risks if Bitcoin dominance grows, signaling a shift in market dynamics.
Main Points:
Bitcoin Dominance Threatens XRP: Rising BTC dominance could lead to XRP liquidation risks.
Leverage Concern: Markets show a growing appetite for leveraged XRP long positions.
Volatility Ahead: Analysts caution that the market is nearing “euphoria territory.”
Stabilization Hopes: A stable Bitcoin could ease investor anxiety and boost spot trading.
Detailed Insights:
Current Dynamics: XRP trades at $2.37, down 18% from its Dec. 3 peak of $2.85.
Market Overextension: Open Interest (OI) in XRP derivatives hits $3.44 billion, nearing exuberant levels.
Bitcoin Dominance: BTC dominance at 55.3%, possibly heading to 60%-70% before capital rotates back to altcoins.
XRP’s Rally Trigger: XRP surged 431% post-Trump's election win, breaking out of its 2024 range.
Funding Rates: Mixed signals with Binance rates stable but “warm” across other exchanges.
Bitcoin dominance poses challenges for XRP bulls, with further volatility expected if trends persist.
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results