Crypto Market Dump Accelerates, Bitcoin Drops 8%

The crypto market correction deepened on Friday after Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term lost nearly 8% of its value within a single day. Bulls are fighting with bears to keep the market cap of BTC above the important level of $1 trillion. Currently, it stands at around $1.03 trillion.

Bitcoin is not the only digital asset that saw selling pressure on Friday. Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term crashed by more than 10% during the last 24 hours. With that, ETH dipped below $4,000 for the first time since 19 November 2021.

“The Thanksgiving dump caught many off-guard this year, as Bitcoin dropped below $54k for the first time since October 6th. Interest in buying the dip has subsequently spiked, indicating the crowd isn't too phased by this recent volatility,” the crypto analytics platform, Santiment mentioned.

With the dipping crypto market, liquidations are also on the rise. According to Coinglass, almost $330 million worth of long crypto positions got liquidated in the last 4 hours including nearly $130 million of long Bitcoin positions.

Apart from Bitcoin, Ethereum, Solana, Litecoin, Polkadot and Mana were among the hardest hit digital currencies during the latest correction. Coinglass highlighted that more than 187,000 crypto trading positions were liquidated within the last 24 hours.

“The number of liquidations, in the past 24 hours by exchanges in total, was $660M. In the past 24 hours, 180k traders were liquidated. The largest single liquidation order happened on ByBit with ETHUSD value of $12M,” CryptoDiffer tweeted.

Bitcoin Whales

The most surprising part during the latest crypto market dip was the accumulation by large BTC holders. Long-term Bitcoin holders defied the negative market trend and added BTC in large amounts to expand their portfolios.

“If you've been waiting for Bitcoin whales to show signs of accumulation, our data indicates it's happening once again. In the past week, a total of 59k BTC has been added to addresses that hold between 100 to 10k BTC. This is 0.29% of the total supply,” Santiment added.