Bitcoin price briefly dropped below $41,000 earlier today, undoing almost a week’s gains before a bounce back. Other major cryptocurrencies including Ethereum, XRP, Solana (SOL), and Cardano (ADA) were also down over 5%.
According to TradingView, the price of Bitcoin made a sharp dip of 6% from $43,233 and declined to a lowest point of $40,659 at 2:13am on Dec. 11 (UTC). This sharp downturn quickly erased the gains Bitcoin had made over the past bullish week.
Bitcoin Price and a Broader Market Correction
Ethereum fell from a previous $2,330 to as low as $2,145, marking a 7.9% dip in the same time frame.
In the meantime, major altcoins have also seen fluctuations as a broader market correction, including XRP, Solana, Cardano, and Polkadot, all with a plunge marking a loss of over 5% at some point, following the same pattern of Bitcoin and Ethereum.
At the time of writing, Bitcoin recovered to $42,141 according to TradingView, still indicating a decline of 3.8% over the past 24 hours. Ethereum bounced back to $2,239, down 4.7% from yesterday. Other altcoins mentioned have rebounded to a corrected level, too.
Over the past week, Bitcoin has breached the $42,000 landmark, remained above $43,000 and been constantly hitting $44,000. In addition, Bitcoin has seen an impressive rally, soaring by 166% in 2023, significantly surpassing gold’s annual gain of 9%.
Pending the U.S. Securities and Exchange Committee’s decision of the first spot Bitcoin exchange-traded fund (ETF), the industry has been optimistic with more established financial institutions joining the game. According to a Bloomberg report, the upcoming “supercycle” of crypto could push the price of Bitcoin to potentially exceed $500,000 in the future.
Global Acceptance of Bitcoin
The global acceptance of Bitcoin develops, too. Partnered with Bitcoin Suisse, an infrastructure provider for crypto trading, staking, and custody, the Swiss city Lugano announced that it is ready to start accepting tax payments in Bitcoin and Tether (USDT).
Meanwhile, El Salvador announced a citizenship-by-investment plan powered by Tether to allow people to acquire citizenship through Bitcoin and USDT investments.
