Bitcoin/TetherUS posted an intraday high of $43804.50 and intraday low of $40400.00. Bitcoin/TetherUS is currently trading at $42401.06 (3:55pm Monday, 11 December 2023 (GMT+5) Time in Pakistan).
During Monday morning trading in Asia, the price of bitcoin and other cryptocurrencies saw a significant decline. The largest digital asset fell marginally less than 7% in an hour.
Bitcoin is finally taking a break following eight consecutive weeks of growth. Curiously, low volume and liquidity coincide with the decline.
This year, we have witnessed numerous instances of comparable significant volume-based declines.
STABLECOIN SUPPLY RATIO (SSR)
Stablecoin supply ratio (SSR) has reached its highest level in the past two years, suggesting that people now value Bitcoin higher than stablecoins. Implicating that there is a sentiment in the market where people value Bitcoin more highly.
A significant peak or a local top for Bitcoin has historically been indicated by the fact that more than 50% of the circulating supply is currently in a profitable position. Even with the general optimism, there is still a significant amount of the market that is underwater, especially in the long-term holders’ resistance.
MACROECONOMIC EVENTS THIS WEEK
Significant macroeconomic events will also take place this week, including the Federal Reserve and other central banks announcing their interest rate decisions. Greeks Live, a derivatives platform, offered commentary on the events that were transpiring.
THE CRYPTO MARKET
Over the last few hours, the total capitalization has dropped sharply by about $80 billion, or 4%, to $1.65 trillion. The market capitalization as a whole has increased by a noteworthy 13% during the last month, despite this abrupt decline.
More significantly, Ethereum suffered a 4.7% decline to $2,161.00 in early Asian trading on Monday.
A general decline in the altcoin market was also observed, with notable losses in XRP, Cardano, Polkadot, and Chainlink. Avalanche (AVAX), on the other hand, stands out for breaking the general trend and claiming a 7.8% daily gain.
BTC started pulling back from EMA21 on a daily timeframe. It is to note that 12 hours and 47 minutes remain for the daily session to close at the time of writing.
