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).
A well-regarded crypto analyst believes that Bitcoin (BTC) could experience a final, explosive rally before the current market cycle concludes.
Dan Tapiero, a seasoned macro investor and hedge fund manager, sees potential for a significant Bitcoin surge if the U.S. economy hits a downturn that pushes the Federal Reserve toward aggressive rate cuts.
Bitcoin rose steadily in April, breaking through the psychological barrier of $100,000.
As global crypto companies reconsider their U.S. strategies due to rising geopolitical tensions, Hive Digital Technologies is betting on Latin America — specifically Paraguay — as its next growth frontier.