Major cryptocurrencies dropped in value on Tuesday evening as the Bitcoin market experienced no significant surprise during the Christmas holiday, as the so-called “Santa rally” failed to materialize, leaving Bitcoin bulls disappointed.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -2.41% | $42,408 |
| Ethereum (CRYPTO: ETH) | -2.09% | $2,225 |
| Dogecoin (CRYPTO: DOGE) | -3.41% | $0.090 |
What Happened: According to data from CoinGlass, in the past 24 hours, more than $200 million worth of long positions were liquidated, with Bitcoin and ETH being significant contributors.
In total, 106,755 traders were liquidated, leading to $257 million in liquidations. The biggest order liquidated was on Huobi, where the value of Solana (CRYPTO: SOL)-USDT amounted to $3.15 million.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Sei (CRYPTO: SEI) | +18.73% | $0.49 |
| Mina (CRYPTO: MINA) | +18.06% | $1.41 |
| Astar (CRYPTO: ASTR) | +16.20% | $0.12 |
The global crypto market cap has reached $1.65 trillion, marking a 0.86% decrease in the last 24 hours.
Stocks began the final week of the year with a rise. The S&P 500 ended the day up 0.42% at 4,774.75, and the Nasdaq Composite settled at 15,074.57 with a gain of 0.54%. The Dow Jones Industrial Average gained about 0.43%, or 159.36 points, to close at 37,545.33.
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Analyst Notes: According to Michael Van de Poppe, a cryptocurrency analyst, Bitcoin markets are currently in a consolidation phase after a recent upward move. “Probably the most part of this upwards move is in, consolidation is next. Range resistance to be found at $47-50K. Support at $36-39K.”
The markets are still consolidating for #Bitcoin.Probably the most part of this upwards move is in, consolidation is next. Range resistance to be found at $47-50K. Support at $36-39K. pic.twitter.com/KuNaJwAUkE
— Michaël van de Poppe (@CryptoMichNL) December 26, 2023
As per crypto analyst Credible Crypto, the market doesn’t seem as strong as expected and we might expect a minor dip before moving back up. The analyst has closed a portion of their long position and is planning to reload just under 41.7k.
Not showing the strength I would have liked to have seen by now, think we may go for a quick push lower here before we are ready to move back…
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