2024.12.24
Will Santa Visit the Crypto Market This Christmas? So Far, It's Just Been 'Passing By'
Bitcoin has experienced an unexpected 12% decline during the Christmas season, trading at $93,807 as of December 24, despite historically showing a 70% probability of rising during this period. The cryptocurrency's downturn, which began after reaching an all-time high of $108,249 on December 18, is primarily attributed to the Federal Reserve's indication of slower rate cuts next year. Market sentiment has further weakened as funds are being withdrawn from U.S. Bitcoin spot ETFs, while analysts warn of potential further declines to $82,220 based on Binance's Bitcoin futures open interest reaching a record $12.5 billion.
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