Bitcoin Crashes Below $93K

26 Nov 2024 , 03:16 PM

Selling pressure caused Bitcoin to drop to an intraday low of $92,600 before rising to $94,600 on Tuesday. As the downward trend was compounded by long-position liquidations, its market dominance fell to 57.38%.

At 12:19 p.m., Ethereum, the second-largest cryptocurrency, increased 1.5% to $3,431, while Bitcoin was 3.5% lower at $94,785.

Because spot ETFs witnessed $500 million in inflows yesterday, suggesting possible profit-taking, the asset fell to $92,600 intraday before rising again. Given that $9.4 billion worth of options expire this Friday, there may be short-term volatility in Bitcoin, according to Giottus CEO Vikram Subburaj.

Bitcoin surged to a record high of $99,830 last week due to rumours that Trump’s administration would create more lenient regulations.

Solana (-5.6%), BNB (-2.7%), XRP (-2.3%), Dogecoin (-5%), Cardano (-6.5%), Tron (-4%), and Shiba Inu (-2.5%) were among the other significant cryptocurrencies that also experienced drops. With a 24% increase over the past day, XRP experienced the biggest gain among the leading cryptocurrency tokens.

As the dollar index increased 0.18% to 107, bolstered by US President-elect Donald Trump’s tariff announcements on imports from China, Canada, and Mexico, the larger cryptocurrency market fell. Generally speaking, a stronger dollar reduces demand for Bitcoin by limiting global liquidity and raising prices for foreign buyers.

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