After starting this week with a major surge, the cryptocurrency market finally experienced a significant downturn.
On Monday Bitcoin’s price reached a new all-time high (ATH) above $108,000. Despite this strong surge, the crypto market seems to have lost momentum.
Today BTC briefly dropped below $100,000 (marking a 5-day low), but managed to regain some of the losses.
At the time of writing, Bitcoin is trading $100,360 after a 5.15% decline in the past 24 hours with almost $100 billion in trading volume.
The total cryptocurrency market cap dropped 7.23% during this period to $3.42 trillion.
According to data from CoinGlass, positions worth $862.52 million were liquidated – $753.17 million in longs and $110.46 million in shorts).
Ethereum Foundation researcher Justin Drake has issued a stark warning about Bitcoin’s long-term viability, questioning the sustainability of its security model based on proof-of-work (PoW).
Bitcoin’s integration into traditional finance is accelerating, and according to Lightspark CEO David Marcus, the next major leap could come from within Wall Street.
In a surprising move, Paris Saint-Germain (PSG) has become the first professional football club to officially add Bitcoin to its treasury reserves.
Bitcoin’s sharp ascent may soon run into trouble unless fresh highs materialize quickly, according to on-chain market analyst Willy Woo, who has flagged signs of weakening momentum in recent data.