Bitcoin, Ethereum, Dogecoin Plummet As $600M Longs Liquidated In A Single Day: Analyst Says 'We Hold $41K And Pump To New Highs Towards $47K'
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) experienced significant declines, with over $600 million in long positions liquidated. The drop followed a report by Matrixport's Markus Thielen predicting the SEC's rejection of spot Bitcoin ETF applications, contradicting their previous positive forecast. The Nasdaq Composite and S&P 500 also fell, reflecting a sell-off in tech stocks amid uncertainty about Federal Reserve rate cuts. Analysts suggest buying dips in Bitcoin and anticipate trading ranges for the cryptocurrency.
January 04, 2024 | 3:27 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Dogecoin saw an 11.19% decline to $0.071, as part of the broader sell-off in the cryptocurrency market, with significant liquidations occurring.
Dogecoin's price is affected by the general market downturn and the liquidation event, indicating a negative short-term impact.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 70
NEGATIVE IMPACT
Ethereum fell by 7.05% to $2,207, following the broader cryptocurrency market downturn triggered by concerns over the SEC's stance on a Bitcoin ETF.
Ethereum's price is directly impacted by the overall sentiment in the cryptocurrency market, which is currently bearish due to regulatory concerns.
CONFIDENCE 75
IMPORTANCE 85
RELEVANCE 80
NEUTRAL IMPACT
Bitcoin dropped sharply from around $45,000 to $40,000, with over $600 million in longs liquidated. Analysts predict potential recovery if it holds $41K, targeting new highs towards $47K.
The impact on Bitcoin is direct as the article discusses its price movements and analyst predictions. The neutral score reflects the uncertainty of the market's direction, despite the liquidation of long positions.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100