has faced a significant downturn, shedding more than 13% of its value – A sign of a significant correction from its recent upward trend.
The decline was evident as the prices plummeted to $62,900, the lowest point observed in the past fortnight. The nearly double-digit drop in the leading cryptocurrency’s price triggered apprehension and uncertainty among market participants. Many pondered whether the unchecked growth witnessed in recent months was reaching its culmination.‘When prices go up and on-chain/perps start moving people don’t need slots anymore, they can just long the memecoin du jour on leverage.
“Whenever Bitcoin has a big overnight gain, it’s the lead story on @SquawkCNBC.In fact, on those days positive discussions of Bitcoin dominate the 7 AM hour.”“Yet this morning, with Bitcoin down 6% overnight , Bitcoin wasn’t mentioned once during the entire hour.”that despite three hours of market coverage, CNBC had failed to mention Bitcoin. According to him, this silence from CNBC allows Bitcoin whales to quietly unload their holdings.
“It’s been over three hours of market coverage and @CNBC still hasn’t mentioned #Bitcoin or their favorite stock $MSTR once. Bitcoin EFTs they’ve pumped are down 6% and $MSTR is down 16%.”suggests that a peak by mid-2024 wouldn’t be surprising given the rapid surge of the Bitcoin Macro Index. This could potentially signal a double pump cycle akin to 2013, with a second peak anticipated in 2025.