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Bull run, interrupted 📉
Bitcoin started the week on fire, but the crypto market ended the week in flames. What just happened?
Andrew Hayward
December 20, 2024
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📝 What you need to know
On Tuesday, Bitcoin marked its third straight day with a new all-time high price, pushing above $108,000 for the first time ever.
Today, by contrast, marked the third straight day of losses for the top coin, as Bitcoin sank to a price of nearly $92,000 early Friday before climbing back up to just under $97,000 as of this writing.
It’s been a wild week for Bitcoin and other major assets, to say the least, with the wild swing perhaps caused by an expected correction after weeks of gains, egged on by the Fed’s hawkish comments Wednesday that suggested fewer rate cuts ahead.
Left in the wake of the mess are billions of dollars of liquidations across the crypto market this week, the single worst day of outflows for U.S. spot Bitcoin ETFs since they launched in January, and plenty of red across charts including Dogecoin, Ethereum, XRP, and far beyond.
Does volatility take the week off for the holidays? We’ll find out soon.
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