photo is mine
the fall and rise of btc is no new thing, that is why it is called a crypto coin, but this time it is different, we are experiencing what have not been witnessed before, that's bitcoin rising above 100k dollars, it is really an astonishing achievement for the crypto world, now it seems bitcoin has no boundaries, as it can rise to any level it wants any time from now.
earlier this year it got to a record breaking 102k dollars making it the highest bitcoin or any crypto coin🪙 has ever gone to, the founder of bitcoin satoshi nakamoto could not have phantom the idea of bitcoin getting as high as it is now, little beginnings i guess.
Crypto currency like any other business has its good days and bad days, the father of all crypto coins bitcoin' is currently facing its downside now, since three days ago bitcoin has become very low in price with the current price being 94,000k dollars
as of two days ago bitcoin had dropped to a poor state of 91000k dollars which has in turn affected some other leading crypto coins like solana, bnb, ethereum, cardano, xrp, the sharp fall can be attributed to the economic fall of the USA, especially in the services sector and labour market, this hectic economic conditions has diminished hopes for aggressive federal reserve rate cuts in 2025, causing a significant spike in treasury yields and strengthening the US dollar.
The crypto market is not smiling because this has caused a shake up in the crypto world, a severe market reaction with over $389million dollars in total crypto liquidations on Thursday 9th to Friday10th within its 24hrs, of which approximately $54 million dollars was exactly in bitcoin positions.
This triggered the sharp decline in bicoins price, making it seem like a giant price hole.
selling pressure has always been an enemy to crypto coins, mainly if the liquidation is a major one, maybe from a company, an investment, a state or a country, this types of liquidations always hits the hardest, making the price or value of a coin reduce significantly
take for instance the US government planned liquidation of 69,370 bitcoins seized from the silk road marketplace.
This substantial amount valued at approximately $6.5 billion dollars, is scheduled for sale through the u.s. marshal service, creating tension and additional market uncertainty.
this dilemma is the main reason why the crypto economy is in its downtime, this fact also creates problems for institutional sentiments, weakening ETF with significant outflows and declining confidence among major investors.
bitcoin has already began to rebound gradually, compared to its formal state two days ago, i have found that bitcoin always thrives more in challenging situations, the market became bearish when bitcoin dumped below 92k dollars but the big bull appears to be back on its feat, a move many people never anticipated
there are two ways the market can go now, it is either all the way up or all the way down, but i doubt its going to go all the way down, many crypto traders may not be making money now, perhaps many people are even talking about selling rather than keeping, which may also affect the value of btc but bitcoin have always done well in trying times, lets hope it does the same again.