Santa sell-off
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 20th December 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.
What’s up
Always A Few Sugarplums Somewhere
Father Christmas turned up in cryptoland with a sack filled with coal and a Scrooge-like attitude. Bitcoin bid adieu to six figures. BTC ETFs saw record outflows. Ethereum and XRP each got snowplowed. Dogecoin? Don't ask.
But surely there's some cheer being spread somewhere? Yes, SURE; it's the native token of inSure DeFi. SURE overnight quadrupled to $0.002 per token.
Oh, and Fartcoin (FARTCOIN) is on the verge of entering the Top 100 after a 6% gain to reach $1.20 per token. Whoopee.
What's down
Post-Election Binge Cedes To Pre-Holiday Purge
Total worldwide digital assets fell 9% to $3.4 trillion. That's over the past 24 hours as of 9:10 a.m. (EST). Earlier this week, the total crypto market cap was approaching $4 trillion.
Poor DOGE has become emblematic of the bloodletting. The largest memecoin plunged 20% in the past day to retreat below $0.30.
A hawkish Fed tone has flipped market sentiment, some traders told CoinDesk.
What's next
Bitcoin Bulls Remain Unfazed
Traders should be cautious until inflation is wrestled into submission and more concrete crypto policies are made clear in the coming months, advises Jeff Mei, a crypto exchange executive, speaking to CoinDesk about the recent market plunge.
Soberingly, Bitcoin touched as low as $92,000 earlier today. It had climbed back to $95K as of 9:30 a.m. (EST). The largest of all digital coins is now three days and 12% removed from its all-time high of $108,135, according to CoinGecko.
Some $680 million flowed out of spot BTC ETFs on Thursday, a record amount.
"Double-digit declines in such a short space of time will be an uncomfortable experience for investors who are new to crypto," Decrypt said.
Still, some traders insist that, with ETFs buying BTC faster than it can be mined and a pro-crypto administration taking over the White House, the current downturn is, as Decrypt put it, "a blip on the way to new record highs."
