Bitcoin, Ethereum, Dogecoin Drop Amid $116M Liquidations: Analyst Says King Crypto To Surge Over 30% In Two Days After This Catalyst Is Triggered
Portfolio Pulse from Mehab Qureshi
The cryptocurrency market saw a downturn with $116M in liquidations, affecting Bitcoin, Ethereum, and Dogecoin. Genesis blocked DCG from selling its ownership during bankruptcy proceedings. The S&P 500 and Nasdaq showed gains, with the latter closing above 15,000 for the first time since January 2022. Analyst Michael Van de Poppe predicts Bitcoin will stay in the $38-48K range for 3-6 months, while Jon Najarian suggests a potential Bitcoin ETF approval could lead to a 30% surge in its value. Wallets holding 1 or less BTC have accumulated the most coins ever since November.
December 20, 2023 | 3:09 am
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NEGATIVE IMPACT
Dogecoin's price fell by 2.94%. The overall downturn in the crypto market also affected DOGE, but no specific catalysts for Dogecoin were mentioned.
Dogecoin is likely to experience a negative short-term impact due to the general downturn in the cryptocurrency market.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ethereum saw a 2.25% decrease and $21M in long position liquidations. The market is currently bearish, but overall crypto market cap has increased.
Ethereum's short-term impact is likely negative due to the recent price drop and significant liquidations of long positions.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Bitcoin experienced a 2.27% drop and liquidations over $20M. Analysts predict a range-bound trend, but a potential Bitcoin ETF approval could lead to a 30% surge.
The short-term impact on Bitcoin is mixed. The recent downturn and liquidations suggest a negative impact, but the potential approval of a Bitcoin ETF could lead to a significant positive price movement.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 90