Cryptocurrency Market Sees Over 100,000 Liquidations as Trading Volume Halves

Deep News12-07 14:51

As the year draws to a close, Bitcoin's price volatility has intensified. On the morning of December 7, Bitcoin briefly fell below $89,000, after touching $90,000 the previous night. As of 11:09 AM on December 7, the cryptocurrency market showed mixed performance, with trading volumes for major coins plummeting. Over the past 24 hours, trading volumes for Bitcoin, Ethereum, and SOL, among other leading cryptocurrencies, have halved, dropping by more than 50%.

According to Coinglass data, over 100,000 traders faced liquidations in the past 24 hours, totaling $114 million in losses.

At Bitcoin's latest price of $89,500, it has fallen nearly 29% from its all-time high of $126,000 earlier this year. Despite the bearish sentiment surrounding Bitcoin, JPMorgan predicts an 84% surge in Bitcoin's price over the next 6 to 12 months, potentially reaching $170,000. The bank suggests Bitcoin's trading behavior may increasingly resemble that of gold. This trend was particularly evident in April, when tariff concerns triggered a historic sell-off in U.S. stocks and drove capital into Bitcoin and other cryptocurrencies.

In other news, the Federal Open Market Committee (FOMC) is set to deliberate on interest rates during its December 9–10 meeting. Market expectations for a Fed rate cut in December have surged, with CME FedWatch data indicating an 87% probability of a rate reduction.

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