Plunge

Cryptocurrency

Major

Bitcoin

Read

<figure> 
 <figcaption>
  Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<p dir="ltr">Major cryptocurrency-native stocks have <a href="https://x.com/DeItaone/status/1870089665002274877">tumbled</a> in tandem with Bitcoin during an all-out market carnage.</p>
<p dir="ltr">MicroStrategy (MSTR) and Coinbase (COIN) both plunged by more than 5% during the Friday trading session.</p>
<p dir="ltr">The shares of major cryptocurrency mining companies, including Bitfarms (BITF), Riot Platforms (RIOT), and other companies have also tumbled.</p>
<h2 id="bitcoin-has-nosedived">Bitcoin has nosedived </h2>
<p dir="ltr">Earlier today, the price of Bitcoin collapsed to an intraday low of $92,245, according to CoinGecko data.</p>
<p dir="ltr">The flagship cryptocurrency is currently changing hands at $97,022 after paring some losses.</p>
<p dir="ltr">As reported by U.Today, the cryptocurrency market took a severe beating after the Fed indicated that it would scale back easing in 2025. </p>
<p dir="ltr">Just three days ago, the leading cryptocurrency reached a new all-time high of $108,135. However, risk assets plunged after the market started anticipating fewer rate cuts next year.</p>
<h2 id="massive-etf-outflows">Massive ETF outflows</h2>
<p dir="ltr">Still, this is a relatively small correction compared to previous cycles. Earlier this month, CryptoQuant CEO Ki Young Ju noted that Bitcoin's drawdowns were significantly smaller during the ongoing bull run due to sufficient buying from exchange-traded funds (ETFs) and institutions.</p>
<p dir="ltr">That said, the recent market mayhem also took its toll on the flows of Bitcoin ETFs. On Thursday, these products recorded their biggest outflows to date ($671.9 million). The second-worst day for Bitcoin ETF was recorded on May 1. Back then, these products lost a total of $563 million. Notably, these outflows were also triggered by a hawkish Fed rate decision that caught investors off guard. </p> <a href="https://u.today/coinbase-and-microstrategy-plunge-5-amid-crypto-carnage">Read original article on U.Today</a>

Coinbase and MicroStrategy Plunge 5% Amid Crypto Carnage

Table of Contents

U_Today

Other articles published on Dec 20, 2024

Harbour & Velocity Labs: Instant Euro On-Ramping to Polkadot

Bitcoin Price Falls 13% Below Record High Amid Market Uncertainty

EU Commission approves Nvidia’s Run:ai acquisition

Chainlink Partners with 21X to Launch First EU-Regulated Tokenized Securities Market

Doodles Rises +1,500% In Daily NFT Sales Over Potential Token Launch

Trader Sets $6.50, $13, and $18 as Key Targets for Ripple (XRP) Price, But Says $0.15 XRP Rival W...

Join our free newsletter for daily crypto updates!