Bitcoin price dips sharply on Thursday, slipping to $95,729.5 by 5:00 p.m. ET. This marked a 2.6% drop, ending two consecutive days of gains. The decline followed a glitch on TradingView’s Bitcoin dominance chart, which incorrectly reported Bitcoin’s market cap share at 0%.
The error triggered a wave of reactions on social media, causing sudden sell-offs and pushing BTC/USD prices lower. Although the glitch was quickly corrected, it led to $33 million worth of Bitcoin long positions being liquidated in just four hours, according to CoinGlass data.
Bitcoin’s dominance, which recently surpassed 61.5%, has been a key focus for traders. However, the glitch has added to ongoing market uncertainty amid macroeconomic pressures from the U.S. Federal Reserve's policy updates.
Macroeconomic factors have weighed heavily on Bitcoin. The U.S. Federal Reserve recently hinted at a slower pace of interest rate cuts, projecting only two reductions in 2025. This is significantly fewer than previous expectations of four cuts.
Last week, Bitcoin fell below the critical $100,000 level following the Fed’s cautious stance. The cryptocurrency also experienced its first weekly loss since early November. These developments have led many investors to reassess their positions in speculative assets like cryptocurrencies.
Adding to the global crypto narrative, Russia has started using Bitcoin and other cryptocurrencies for international trade. This follows legislative changes aimed at mitigating the impact of Western sanctions. According to Finance Minister Anton Siluanov, Russian companies are now leveraging cryptocurrencies to bypass restrictions from Western regulators.
Russia’s legal framework also includes measures to regulate cryptocurrency mining. As one of the world’s largest Bitcoin mining hubs, the country is capitalizing on this advantage to support its economy amidst trade challenges with partners like China and Turkey.
Altcoins mirrored Bitcoin’s decline on Thursday, with Ethereum (ETH) dropping 4% to $3,336.75. Other major cryptocurrencies, including XRP, Solana, and Polygon, also saw significant losses.
Traders are bracing for potential volatility as a record Bitcoin options expiry approaches. On Friday, 146,000 Bitcoin options contracts worth $14 billion are set to expire, potentially driving market fluctuations. A simultaneous expiry of $3.84 billion in ETH options is also expected to impact crypto prices.
Don’t miss the latest Forex trading news and analysis of Bitcoin price dips. Visit our website for more updates: Click here.
Bitcoin price dips below $96K due to a TradingView glitch, Fed's hawkish stance, and $14B options expiry driving volatility.
Superior trade execution & trading conditions with the NDD method.
The online FX industry provides a platform for investors worldwide to engage in the buying and selling.
Subscribe to our daily newsletter and get the best forex trading information and markets status updates
Trade within minutes!
日本語
English
Comment (0)