The largest cryptocurrency, Bitcoin, has hit a 5% decline from its $20K level, which it has maintained for a couple of weeks. However, during the short rally a few weeks back, Bitcoin’s valuation recovered from its 3-month low, shooting above $21,000.
These gains brought hope to the crypto market and boosted investors’ confidence that the crypto winter is about to end. However, the November 7 market record has shattered their hopes, with many cryptocurrencies falling back to their decline, including Bitcoin and Ethereum.
But Billy Markus, the co-creator of Dogecoin, believes that Bitcoin may reach $100,000 one day. He said this in response to Madam Doge, a Twitter user who lamented BTC’s current price while citing Michael Saylor’s Bullish Bitcoin predictions.
Markus added that Bitcoin price would reach that much in a future where $100k would only buy a sandwich due to inflation or when the current users might have already died. The conversation began with Madam Doge complaining and enquiring why the Bitcoin price fell, while Markus said it was due to massive sellouts.
Possible Reasons Behind Bitcoin Decline
In the last 24 hours, Bitcoin dropped below $20,000 and currently trading around the $19,500 level. The asset was trading at $20,400 24 hours ago, the level it managed to maintain for two weeks. The performance got the market thinking that BTC is retracing its way upwards.
According to a Coinglass report, $112.83 million in cryptocurrency was liquidated, while 95% of long positions got wiped out. More data on the massive sell-off also followed, revealing liquidations worth $300 million.
The market volatility often depends on Bitcoin’s performance. However, the present one is different. The liquidation data shows that Ethereum and FTT were probably the cause of Bitcoin’s massive sell-off.
The feud between Binance and FTX resulted in a 19% drop in FTT value. Furthermore, due to potential insolvency issues, FTX decided to raise funds by selling off its Ethereum holdings. Santiment’s report confirmed the increase in selling pressure. The blockchain analytics firm also confirmed the offload of ETH from FTX’s ETH wallets.
Within a few days, FTX withdrew 300,000 ETH from its wallets, resulting in high selling pressure on Ethereum markets. As a result, Ethereum and XRP are down by 6%, with ETH dropping below its $1,500 psychological level.
Dogecoin And Other Memecoins Fall back
Meanwhile, the memecoins which have been in the limelight following Elon Musk’s Twitter acquisition are also down. For example, Dogecoin is faring much worse than Bitcoin and Ethereum, with approximately a 15% loss in valuation, while Shiba Inu (SHIB) dropped 8%.
Currently, DOGE is trading at $0.08667, with a trading volume of $2,152,858,888.09. SHIB’s current price is declining, with a 24-hour trading volume of $493,920,114.
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