Cryptocurrency markets are trading lower on a low-volume Monday.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $92,996.64 | -3.2% |
| Ethereum (CRYPTO: ETH) | $3,313.40 | -0.3% |
| Solana (CRYPTO: SOL) | $184.82 | +0.9% |
| XRP (CRYPTO: XRP) | $2.16 | -4% |
| Dogecoin (CRYPTO: DOGE) | $0.3108 | -2.5% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002168 | -1% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 20.6% and daily active addresses falling by 0.02%. Transactions greater than $100,000 are down from 8,435 to 7,495 in a single day. Exchanges netflows are down by 246.9%.
- Coinglass data reports 100,183 traders were liquidated in the past 24 hours for $293.65 million.
- Santiment data shows number of non-empty wallets for Bitcoin increased 27% in the past two years, while Ethereum reported a 47% surge.
Notable Developments:
- Foresight Ventures' $55M Investment In The Block Seeks To Shape The Future Of Crypto Media: Forest Bai
- EXCLUSIVE: La Rosa Adds Bitcoin and Crypto Payment Options For Network Agents
- MicroStrategy Adds 5,262 Bitcoin To Bring Holdings To Over 444,000 BTC
- What's Going On With CleanSpark Stock Monday?
- Michael Saylor Proposes US Digital Assets Framework, Backs Bitcoin Reserve Capable Of Generating $16–$81 Trillion In Wealth
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Virtuals Protocol (CRYPTO: VIRTUAL) | $2.69 | +14.2% |
| Aave (CRYPTO: AAVE) | $352.99 | +13.8% |
| FTX Token (CRYPTO: FTT) | $3.19 | +8.6% |
Trader Notes: Bitcoin's price decline continued into the final week's opening, with CoinDesk Senior Analyst James Van Straten warning that if Bitcoin loses the critical $90,000 support level, it could drop to $75,000 due to limited support in that range. This would represent a 30% pullback within the ongoing bull market.
Daan Crypto Trades highlighted that Bitcoin's end-of-year price action is typically choppy, and this year is no exception. He expects this volatility to persist until the new year, after which liquidity is likely to return, paving the way for stronger moves.
$BTC End of the year price action has usually been choppy. This year is no different.
— Daan Crypto Trades (@DaanCrypto) December 23, 2024
Expecting this to remain choppy until the new year. After which liquidity returns and we'll likely see some stronger moves again. pic.twitter.com/LuD42BBlxZ
Meanwhile, The Kobeissi Letter pointed out that Bitcoin's recent rally might be due for a correction. Historically, Bitcoin prices lag global money supply by about 10 weeks. With the money supply recently dropping by $4.1 trillion, the trend suggests Bitcoin could decline by up to $20,000 in the coming weeks, signaling a pause in its red-hot rally.
Is Bitcoin overdue for a correction?
— The Kobeissi Letter (@KobeissiLetter) December 21, 2024
In the past, #Bitcoin prices have followed global money supply with ~10 week lag.
As global money supply hit a new record of $108.5 trillion in October, Bitcoin prices reached an all-time high of $108,000.
Over the last 2 months, however,... pic.twitter.com/i80ym4Wu7F
- $84,000 Is Bitcoin's Worst Case, Options Trading Firm CEO Says
Image: Shutterstock
