On Monday, December 11, the price of Bitcoin at one point briefly touched $40,411 on the Binance exchange. Over the past 24 hours the asset has fallen 4.6%, according to CoinGecko.
The current price is $41,883. The chart below shows that the down move is accompanied by a surge in trading volume.
The drop triggered a wave of liquidations — $400 million worth of positions were liquidated over the day, according to Coinglass.
Following the flagship, assets in the top 10 by market capitalization moved into the red zone. Ethereum fell 4.9% and, at the time of writing, trades below $2,240. The biggest declines were led by XRP and Cardano (down 7.1% and 8.9%, respectively).
Some community members wondered whether the next milestone would be $38,000.
Quick flash dump to 40k this morning. $350 million longs got wiped out in the process
? 38K next?.#NFA #Bitcoin $Btc https://t.co/9P2fRdY2lp pic.twitter.com/p0kwiSaEKR— Marius.capital (@AltbriMarius) December 11, 2023
Earlier, ForkLog experts shared their views on the reasons for the rally of digital gold and discussed the prospects for rising quotes to $52,000.
Earlier CryptoQuant analysts warned of the possibility of Bitcoin breaking the level of $50,000 in early 2024.