Bitcoin slipped beneath the $108,000 mark on Thursday, brushing an intraday low of $107,387 per coin. Sellers have been on caffeine apparently, cranking up the pressure and dragging prices down by 3.4% against the U.S. dollar.
Bulls on Ice
After Fed Chair Jerome Powell dropped a hawkish note yesterday, bitcoin ( BTC) couldn’t dodge the fallout. Powell basically said the much-anticipated December rate cut wasn’t a done deal, sending traders scrambling and markets coughing up their optimism.
Since then, bitcoin’s been gliding lower even with the Fed’s quarter-point trim on Wednesday and the friendlier vibes coming from U.S.-China trade talks. Meanwhile, gold’s been enjoying its moment in the sun, popping nearly two percentage points higher on the day.
BTC is hanging just below $108,000, trading around $107,626 at press time at 12 p.m. Eastern, after brushing that $107,387 low. Bears are eyeing a dip under $107,000, but the bulls are clinging tight to that ledge for now.
The fallout’s been messy in derivatives land too. Crypto traders who went long are licking their wounds after a liquidation wipeout worth $1.13 billion in the past 24 hours, per coinglass.com metrics. Of that, a hefty $960 million were long bets, with bitcoin longs alone accounting for over $400 million. All told, 220,310 traders saw their positions vanish like dust.
In short, bitcoin’s getting tossed around like a beach ball in a hurricane — hawkish Fed chatter, shaky optimism, and mass liquidations have all piled on. Whether the bulls can hold the $107K floor or the bears drag it deeper into the abyss, one thing’s certain: volatility’s not taking the day off.
FAQ
- Why did bitcoin drop below $108,000? Bitcoin slipped after Fed Chair Jerome Powell signaled that a December rate cut isn’t guaranteed, rattling traders.
- How much was liquidated in the crypto market?Over $1.13 billion in crypto positions were wiped out within 24 hours, mostly from long trades.
- What’s bitcoin’s current price? Bitcoin is hovering around $107,500 after briefly touching a low of $107,387 on Bitstamp.
- How did other markets react?Gold climbed nearly 2% while bitcoin and other risk assets faced heavy sell pressure.