Bear rally continues as Bitcoin dips below $48K

Bear rally continues as Bitcoin dips below $48K

The cryptocurrency market on December 29 saw Bitcoin falling below $48,000 levels, cutting short the little holiday bull rally investors experienced during Christmas. At the time of writing, the slumped coin was trading at $47,870, down by 2.68% from the previous day and 12% from the last month.

The slump likely resulted from the 129,800 Bitcoin options contracts which are set to expire this December 31 on Deribit Exchange. At press time, the options contracts are worth more than $6 billion. In addition, the situation was further exacerbated after the market recorded more than $300 million liquidations in a single day.

Altcoins and Metaverse tokens present a similar situation. Ethereum, the second-largest cryptocurrency by market capitalization, fell beneath $3,800 on Wednesday. The Altcoin was trading at $3,791.89 (press time), down by -3.04% from the last 24-hours.

Solana, which outperformed Ethereum in terms of returns on investments, dropped well below 10% today. Its current price of $175 is more than 6% down from yesterday’s levels.

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