The cryptocurrency market has been shaken by a dramatic crash, leaving investors on edge as $712 million in liquidations amplify the turmoil. Bitcoin, which recently broke the $100,000 barrier, is now under intense pressure after a sharp pullback. Concerns over upcoming economic events, including the release of the Federal Reserve’s FOMC Minutes and U.S. job data, have added to the market’s uncertainty. Analysts caution that Bitcoin’s trajectory could worsen if it fails to hold the critical $95,668 support level.
Scheduled for release today, the December FOMC Minutes are expected to rattle the market further. Experts emphasize that economic indicators like labor market data will play a pivotal role in shaping investor sentiment, making this a crucial week for traders.
Amid the turbulence, financial author and Bitcoin advocate Robert Kiyosaki, best known for Rich Dad Poor Dad, has weighed in on the crash. Kiyosaki linked the downturn to policies stemming from the 2008 financial crisis, particularly decisions by then-Fed Chairman Ben Bernanke.
He criticized the focus on bankers’ bonuses at the expense of the broader economy, drawing parallels to current financial struggles in sectors like housing, retail, and automobiles.
Despite the bearish market, Kiyosaki remains unwavering in his belief in Bitcoin, gold, and silver. He sees the current dip as an opportunity for investors to build wealth by acquiring these valuable assets.
Even as Bitcoin’s price dropped by nearly 6% to $95,845, with trading volume soaring 36% to $66 billion, Kiyosaki described the dip as “great news.” His optimism is rooted in Bitcoin’s scarcity, with only 2 million Bitcoins left to be mined, reinforcing its status as “digital gold.”
The sell-off continues to weigh heavily on traders, with $561 million worth of long positions liquidated as markets opened today. Binance recorded the largest liquidation order, totaling $17.74 million in ETH/USDT.
The crash has not spared other cryptocurrencies. Ethereum has plunged over 8%, Solana more than 9%, and XRP by 5%. With investors bracing for more volatility, market participants are keeping a close eye on economic developments to navigate these choppy waters with minimal risk.
The crypto market may be down, but with Bitcoin’s limited supply and growing investor interest, it’s clear that the comeback will be more powerful than ever before.
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