The leading cryptocurrency Bitcoin (BTC) suddenly fell below $ 47 thousand on December 4 and fell ... Losing about 20 percent in the last 24 hours, falling hard, BTC saw the biggest drop in one day since May 15th. .
In his comment shared on social media, cryptocurrency analyst TechDev claims that this sudden collapse in Bitcoin is similar to the price action every year.
Uncertainty in the world economy also affects the cryptocurrency market. Bitcoin slumped 26.4% to $42,628 before returning to the $45,000 level.
According to current data, Bitcoin has experienced a total liquidation of $1.3 billion in the last hour, with $735 million of BTC long-term liquidated in this drop. As a result, bear market anxiety has been raised as Bitcoin surged over 63 percent to outpace gains since September 29, when it hit an all-time high of $67,602 by Nov. This could mean the end of the last 2 months long bull market. However, numerous Bitcoin analysts, including TechDev, point to a similar trend with Bitcoin's price action every year.
Another reason for the drop in Bitcoin can be attributed to the harsh stance of the US regulators, who invited the CEOs of leading crypto exchanges, including FTX and Binance US, for a session on crypto assets. Despite volatility and concerns over it being at odds with traditional financial practices, Bitcoin continues to rise as a viable asset for countries with unstable economies.