Earlier today, the price of Bitcoin briefly fell below $41,000, reversing almost a week’s worth of gains before experiencing a rebound. Several other major cryptocurrencies, including Ethereum, XRP, Solana (SOL), and Cardano (ADA), also saw declines of over 5%.
According to TradingView, Bitcoin’s price experienced a significant 6% drop from $43,233, reaching its lowest point at $40,659 around 2:13 am on December 11 (UTC). This rapid downturn swiftly erased the gains that Bitcoin had accumulated during the preceding bullish week.
Bitcoin Price and a Broader Market Correction
Ethereum experienced a decline from its previous value of $2,330 to as low as $2,145, marking a 7.9% dip within the same timeframe.
Simultaneously, major altcoins, including XRP, Solana, Cardano, and Polkadot, witnessed fluctuations as part of a broader market correction. Each of these altcoins faced a plunge, marking a loss of over 5% at some point, mirroring the patterns observed in both Bitcoin and Ethereum.
At the time of writing, Bitcoin has recovered to $42,141, as per TradingView, still indicating a decline of 3.8% over the past 24 hours. Ethereum, too, bounced back to $2,239, reflecting a 4.7% decrease from the previous day. The mentioned altcoins have also rebounded to corrected levels in the same period.
In the past week, Bitcoin has not only surpassed the $42,000 milestone but has consistently maintained levels above $43,000 and frequently reached $44,000. Notably, Bitcoin has undergone an impressive rally, witnessing a remarkable 166% surge in 2023, outpacing gold’s annual gain of 9%.
With the awaited decision from the U.S. Securities and Exchange Committee on the first spot Bitcoin exchange-traded fund (ETF), optimism pervades the industry, bolstered by the participation of more established financial institutions. According to a Bloomberg report, the anticipated “supercycle” in the crypto market could propel the price of Bitcoin to potentially exceed $500,000 in the future.
Global Acceptance of Bitcoin
The global acceptance of Bitcoin continues to evolve. In collaboration with Bitcoin Suisse, a crypto trading, staking, and custody infrastructure provider, the Swiss city of Lugano has declared its readiness to accept tax payments in Bitcoin and Tether (USDT).
Simultaneously, El Salvador has unveiled a citizenship-by-investment plan facilitated by Tether. This initiative allows individuals to obtain citizenship through investments made in Bitcoin and USDT, showcasing the expanding integration of cryptocurrencies into various facets of international finance and governance.