The cryptocurrency market experienced a decline on Sunday evening, as on-chain data reveals a considerable amount of profit-taking behind the stagnant prices.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -2.09% | $41,077 |
| Ethereum (CRYPTO: ETH) | -2.07% | $2,176 |
| Dogecoin (CRYPTO: DOGE) | -3.51% | $0.092 |
What Happened: According to analytics firm IntoTheBlock, Bitcoin experienced an influx of $860 million in net inflows to crypto exchanges last week, which is the highest level since March. The movement of assets to exchanges generally implies that investors plan to sell, suggesting that several investors decided to cash in on the profits following Bitcoin’s 65% surge from $27,000 in October.
On the futures side, within the last 24 hours, over 72,249 traders were liquidated, resulting in a total of $153.48 million. The largest single liquidation order on Bitmex occurred on XBT-USD, with a value of $10.00 million.
Bitcoin recorded $860M net inflows into exchanges this week, the highest value since March of this year pic.twitter.com/UliBPytVOD
— IntoTheBlock (@intotheblock) December 15, 2023
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:40 p.m. EDT) |
| Bitget Token (BGB) | +8.76% | $0.61 |
| Stacks (STX) | +6.96% | $1.10 |
| Injective (INJ) | +2.58% | $30.38 |
The global crypto market cap has reached $1.59 trillion, marking a 0.86% decrease in the last 24 hours.
U.S. stock futures on Sunday night remained relatively unchanged after a notable seventh consecutive week of gains for the three key indices. Dow industrials futures climbed by 0.1% or 34 points, S&P 500 futures increased by a marginal 0.1%, and Nasdaq 100 futures’ rise stood at just 0.02%.
Last week, investors’ sentiment turned optimistic after the Federal Reserve announced its plan to cut three short-term interest rates in 2024, signaling the cooling inflation.
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Analyst Notes: According to cryptocurrency analyst Michael Van de Poppe, it seems that we may be nearing the end of the current upward trend of Bitcoin. “Perhaps $48-51K and then we’ll correct and rotate towards the Ethereum ecosystem, bringing Ethereum towards $3,000-3,500.”
My expectations are that we’re getting towards the end of this upwards run of #Bitcoin. Perhaps $48-51K and then we’ll correct and rotate…
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