Bitcoin Price Drops After Trader Raup Cuan

Bitcoin, the world's largest crypto asset by market cap. (Photo; Doc. Pexels)

JAKARTA - Bitcoin, the most popular cryptocurrency in the world, recently experienced a significant price decline. At a time when the overall crypto market experienced a decline, the price of Bitcoin had fallen below $41,000 (Rp638,210,000) as traders began to profit from the recent BTC rally.

The largest crypto asset by market capitlaization fell by 7.5% before recovering slowly. The price of BTC was trading about 4% lower on Monday at the level of $42,000 (Rp655,620,000). Within 24 hours, Bitcoin fell by about 7.5%, reaching $40,300 (Rp629,063,000) before creeping to the level of $42,000.

The decline in BTC also had an impact on other crypto assets (altcoins) including Ethereum (ETH) slumped to the level of $2,170 (Rp33,871,700) before returning to $2,230 (Rp34,761,300). Then Solana (SOL) fell to 66 (Rp1,030,260) before recovering to $77.88 (Rp1,106,136.80). SOL fell 4.4 percent in the last 24 hours.

This decline occurred in the last few hours. The crypto market, in general, experienced a significant decline with the drop in a number of tokens, including FLOW, CRO, APETHETA, XTZ, NEO, TON, KAVA, and PYTH, has decreased by more than 10% in the last 24 hours.

Coininglass data shows that in the last 12 hours, liquidation of more than $341.20 million (Rp5,324,712,000,000) has led to the liquidation of a long position of $305.95 million (Rp4,774,779,500,000). Bitcoin and Ether were mainly affected, with more than $90 million (Rp1,404,900,000,000) Bitcoin and $74.75 million (Rp1,166,607,500,000) positions of Ether liquidation, leading the liquidation heat map.

Amid the decline in the crypto market, CoinCu recently reported that US regulators have the potential to approve a Bitcoin spot Exchange-Trad Funds (ETF). The reason is, the SEC and applicants have held a number of meetings to address the technical details of the Bitcoin spot ETF filing. Experts argue that Bitcoin ETF may get approval between January 5 and 10, 2024.