Bitcoin Price

Why is Bitcoin price down today?

Bitcoin price is down today due to excessively overbought conditions and miners offloading some BTC.

Bitcoin (BTC) price encountered a sell-off on Dec. 11, dropping nearly 7.5% to around $40,640. Multiple factors contributed to the price decline.

Bitcoin’s price decline on Dec. 11 shows a leverage wipeout has occurred amid overbought conditions.

Notably, the cryptocurrency’s daily relative strength index (RSI) has been above 70 since Dec. 5, indicating that it is overvalued. An overbought RSI typically leads to the formation of local market tops as buyers diminish and sellers pile in.

Bitcoin price correction hints start of altseason, trader suggests

BTC price momentum started in October and helped the world’s top cryptocurrency make significant strides, gaining nearly $10,000 in the past month.

The Bitcoin (BTC) price recorded a sharp correction on Dec. 11, dipping 7% and wiping out the gains of the past seven days. The strong price correction pushed BTC to a four-month low of $41,329.

A decline in prices of altcoins followed the Bitcoin price correction, many of which recorded double-digit drops. However, market pundits and analysts believe the recent price crash is a part of the ongoing price cycle, and after two months of bullish surge, a correction is no surprise.

Crypto analyst and co-founder of Reflexivity Research Will Clemente said that correction and market volatility shake out weak hands and cool the highly leveraged crypto markets.

Bitcoin wipes nearly a week of gains in 20 minutes, falling under $41K

The price of Bitcoin suddenly dropped 6.5% to fall below $41,000 on Dec. 11, wiping out around five days of gains.

The price of Bitcoin (BTC) briefly fell below $41,000 on Dec. 11 at 2:15 am UTC, following a sudden 6.5% drawdown from $43,357 to as low as $40,659 in a span of 20 minutes.

At the time of publication, Bitcoin was trading slightly up from the local low at $41,960, TradingView data shows.

Ether (ETH), the second-largest cryptocurrency by market cap, also declined abruptly, falling more than 8.9% in the same time frame. The price of ETH has since stabilized and is trading for $2,233, down 5.3% on the day.

Bitcoin’s many deaths: Is crypto market past ‘point of no return?’

Bitcoin has been declared dead more times than you’d think amid downswings in the market, but it’s always managed to bounce back.

Bitcoin and the broader crypto market have been gleefully declared dead more than a few times during bear markets, but some experts say it would take a genuinely extreme set of events for it to truly die.

According to 99Bitcoins — a website that, among other things, tracks how many times Bitcoin (BTC) has been declared dead by mainstream media outlets — the largest crypto by market cap has died 474 times since 2010.

Often, the proclamation is met with cheering by crypto skeptics as evidence that BTC is not a viable asset, but it might not be so simple to kill off crypto — at least according to some experts in the space.

Bitcoin’s huge rally has nuked $6B in shorts this year: S3 Partners

Short sellers have lost more than $6 billion trying to bet against crypto stocks in 2023.

Crypto industry short sellers have lost at least $6 billion trying to bet against publicly-traded crypto firms this year, due largely to Bitcoin’s (BTC) outsized rally since Jan. 1.

According to a Dec. 5 report from research firm S3 partners, traders who bet against publicly traded crypto firms such as Coinbase, MicroStrategy, and Marathon Digital are now nursing $6.05 billion in on-paper losses.

The bulk of the losses for short sellers have been concentrated in the last three months. After Bitcoin fell to a quarterly low of $25,133 on Sept. 11, short sellers increased their exposure to what they thought was an overbought sector.

Bitcoin’s huge rally has nuked $6B in shorts this year — S3 Partners

Short sellers have lost more than $6 billion trying to bet against crypto stocks in 2023.

Crypto industry short sellers have lost at least $6 billion trying to bet against publicly-traded crypto firms this year, due mainly to Bitcoin’s (BTC) outsized rally since Jan. 1.

According to a Dec. 5 report from research firm S3 Partners, traders who bet against publicly traded crypto firms such as Coinbase, MicroStrategy and Marathon Digital are now nursing $6.05 billion in on-paper losses.

The bulk of the losses for short sellers have come in the last three months. After Bitcoin fell to a quarterly low of $25,133 on Sept. 11, short sellers increased their exposure to what they thought was an overbought sector.

Bitcoin futures open interest on CME nears 2021 all-time high

The futures positioning on CME shows Bitcoin could still move higher from its current price, says IG Australia analyst Tony Sycamore.

Bitcoin (BTC) futures open interest has reached $5.2 billion on the global derivatives giant Chicago Mercantile Exchange (CME), $200 million shy of its late October 2021 all-time high.

Open interest in CME’s Bitcoin futures has grown from $3.63 billion to $5.20 billion over the last 30 days, to Coinglass data. The open interest surge has run parallel to Bitcoin’s 26% gain over the same time, with Bitcoin currently trading at just over $44,000.

From Oct. 1–21, 2021, open interest in CME’s Bitcoin futures surged from $1.46 billion to $5.45 billion.

BlackRock received $100K seed funds for Bitcoin ETF — SEC filing

BlackRock and other financial giants have entered the race to launch the first spot Bitcoin ETF in the United States.

The world’s largest asset manager, BlackRock, received $100,000 in seed funding from an unknown investor for its spot Bitcoin (BTC) exchange-traded fund (ETF) in October 2023, according to its latest United States Securities and Exchange Commission (SEC) filing.

The SEC filing revealed that the investor agreed to purchase 4,000 shares for $100,000 on Oct.

The latest filing by BlackRock also revealed certain details on the asset manager’s plans to pay the sponsor’s fee, where it plans to borrow Bitcoin or cash as trade credit from the trade credit lender on a short-term basis.

The settlement of trade credits will occur on the business day following the execution date, attracting a financing fee of 11% plus the federal funds target rate divided by 365 ((11% + fed funds target)/365).

ETF analyst Eric Balchunas called the new revelations an interesting development in the nerdiest way.

This is so interesting in the nerdiest way.

— James Seyffart (@JSeyff) December 5, 2023

BlackRock was among the first institutional giants to file for a spot Bitcoin ETF in July.

Core Scientific explains its latest bankruptcy plan ahead of court date

If approved, the third version of the plan will go into effect on Jan. 5, 2024, and see the company add 372 MW in capacity by 2027.

Bitcoin (BTC) miner Core Scientific has released a presentation outlining its plans to emerge from bankruptcy in early January 2024. The presentation is based on the third amended joint Chapter 11 bankruptcy plan filed in a United States bankruptcy court on Nov.

Common shareholders and holders of two series of convertible notes are being planned for separately.

*Planned Core Scientific indicators through 2027. Source: Core Scientific*

Noteholders will receive $1.628 on every $1 of face value for notes due in April and $1.201 per $1 face value for notes with an August due date.

If it reaches agreements with key shareholders, Core Scientific will emerge from bankruptcy with $709 million in net debt and $791 million in equity value on Jan.

Core Scientific operates seven facilities in five U.S.

Today’s $CORZ daily self-mined #Bitcoin for the last reported 24-hour period (02-Dec-2023): 30.1 pic.twitter.com/KuKyORAkka

— Core Scientific (@Core_Scientific) December 3, 2023

Core Scientific filed for bankruptcy in late December 2022.

Bitcoin maxis vs. multichains: Two opposing visions of crypto’s future

Many Bitcoin maximalists are even hesitant to apply the term “crypto” to their preferred asset, as it brooks association with more centralized coins.

Jan3 CEO Samson Mow has said that comparing Bitcoin to crypto is like comparing “an aircraft to a paper airplane.” Ripple CEO Brad Garlinghouse said, “It will be a multichain world.”

These opposing statements are the latest front in the longest-running feud in cryptocurrency — the battle between Bitcoin (BTC) and everything else that followed.

For the crypto masses, those individuals who hold only to a single blockchain are often referred to as the maximalists.

Bitcoin maximalism is almost as old as Bitcoin itself, with the phenomenon emerging not long after its creation.

According to Bitcoin educator and self-confessed Bitcoin maximalist Giacomo Zucco, maximalists hold four truths dearly:

Everything that is not Bitcoin is a scam.
Every attempt at changing Bitcoin is a scam.
Every attempt at pushing people to spend Bitcoin is a scam.
We shouldn’t be nice to scammers.

Even in the earliest days of blockchain, altcoins began proliferating. By 2010, the term shitcoin was born.