Crypto Updates

Bitcoin, Ethereum, Dogecoin Drop Amid $116M Liquidations: Analyst Says King Crypto To Surge Over 30% In Two Days After This Catalyst Is Triggered

Veteran Trader Peter Brandt Asks Macro Guru If Bitcoin Bull Has Finally Awoken From Deep Slumber

The cryptocurrency market experienced a minor downturn on Tuesday, resulting in the liquidation of 51,441 future crypto traders and a total liquidation value of $116.07 million within the past 24 hours.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC) -2.27% $42.312
Ethereum (CRYPTO: ETH) -2.25% $2,176
Dogecoin (CRYPTO: DOGE) -2.94% $0.090

What Happened: Notably, long positions in Ethereum saw liquidations worth $21 million, while BTC longs saw over $20 million in liquidations.

In other news, bankrupt crypto lender Genesis successfully won a bid to block parent company Digital Currency Group (DCG) from selling or reducing its ownership of the company during Chapter 11 proceeding.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Sei (SEI) +15.98% $0.35
Helium (HNT) +10.74 $8.88
NEAR Protocol (NEAR) +10.02% $2.25

The global crypto market cap has reached $1. trillion, marking a 4.51% increase in the last 24 hours.

On Tuesday, the S&P 500 inched closer to its record high as a result of the Federal Reserve’s recent favorable stance on interest rates, which boosted the stock market. The broad market index rose by 0.59%, touching 4,768.37. With this increase, the S&P 500 is now only 0.6% away from surpassing its record close and 1% short of matching its intraday record, both of which were set earlier in January 2022.

In addition, the Nasdaq Composite grew by 0.66% to 15,003.22. This is the first time the tech-heavy index has closed above the 15,000 level since January 2022. Meanwhile, the Nasdaq 100 climbed by 0.49%, setting all-time intraday and closing highs at 16,811.85.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe believes that the Bitcoin market is currently experiencing a sluggish trend, characterized by marginal fluctuations within a particular price range.  “If entries are provided sub $41K, probably ready to take them. Main scenario remains this range between $38-48K for the upcoming 3-6 months.”

Sideways moving markets on #Bitcoin, consolidation before a good Q1. If entries are provided sub $41K, probably ready to take them.Main scenario remains this range between $38-48K for the upcoming 3-6 months. pic.twitter.com/QLrtLbPcDp

— Michaël van de Poppe (@CryptoMichNL) December…

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