Falls Below $96,000 as False TradingView Chart Spooks Investors By Investing.com

Investing.com – Bitcoin fell on Thursday, snapping two days of gains, as investors reacted to an error on TradingView and remained cautious amid macroeconomic pressures following the U.S. Federal Reserve’s hawkish stance.

fell 2.6% weaker to $95,884.0 at 06:52 ET (11:52 GMT).

It fell below the key $100,000 mark last week after Fed officials signaled a slower pace of future cuts.

Bitcoin Falls as TradingView Bug Triggers Volatility

Bitcoin fell on Thursday as markets appeared to react to inaccurate chart data from TradingView.

The cryptocurrency fell towards $95,000 after social media users reported an anomaly in TradingView’s Bitcoin dominance chart, which incorrectly showed Bitcoin’s share of total crypto market cap falling to 0%.

Although the error was corrected, it reportedly triggered a sudden trading reaction that led to a decline.

According to data from CoinGlass, approximately $33 million in Bitcoin long positions were liquidated within four hours.

Bitcoin’s market dominance has become a key topic for traders recently, as Bitcoin’s rise to new all-time highs has caused altcoins to lag behind.

Dominance briefly exceeded 61.5% in mid-November before declining again, raising expectations for a possible “alt season.”

Bitcoin rose nearly 5% in the last two sessions but failed to extend the positive momentum on Thursday as investors remained cautious about the prospects for speculative assets such as cryptocurrencies after the Fed announced fewer interest rate cuts in 2025.

Last week, Bitcoin posted its first weekly decline since Trump’s election victory in early November after the Fed meeting stalled the post-election recovery.

The rally had pushed prices to an all-time high of $108,244.9, after which prices fell due to profit-taking on macroeconomic pressure triggered by the Fed’s interest rate outlook.

The central bank cut interest rates by 25 basis points, but announced only two rate cuts for next year, compared to four cuts previously expected.

This shift caused investors to reevaluate their positions in speculative assets like Bitcoin, contributing to its price decline.

Russia uses Bitcoin in foreign trade

Russian companies have started using Bitcoin and other cryptocurrencies for international payments after legislative changes allowed their use to mitigate the impact of Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Sanctions have made trading with key partners such as China and Turkey more difficult, as local banks exercise extreme caution in Russia-related transactions to avoid the scrutiny of Western regulators.

In response, Russia this year legalized the use of cryptocurrencies in foreign trade and introduced measures to regulate cryptocurrency mining, including Bitcoin. As the global leader in Bitcoin mining, the country is using its position to overcome economic restrictions.

Crypto Price Today: Most altcoins tend to fall

Other cryptocurrencies fell on Thursday, tracking Bitcoin’s decline as demand for the speculative asset remained subdued after the hawkish Fed rattled investor sentiment.

The world’s second-largest cryptocurrency fell 3.4% to $3,367.06. Ether has gained in the last three sessions but has failed to fully recover from last week’s plunge.

The world’s third-largest cryptocurrency fell 4.2% to $2,190.

fell 3.2% and fell 5.8% while falling 5%. It lost 4.6% in meme tokens.

Crypto markets are facing potential volatility as record Bitcoin options expiry is imminent

Crypto markets could face increased volatility in the final days of 2024 as the expiration of a major Bitcoin option approaches. At 8:00 UTC on Friday, 146,000 Bitcoin options contracts worth nearly $14 billion will expire on Deribit, the largest event of its kind for the exchange. This represents 44% of all open BTC options and is likely to increase volatility.

Options give buyers the right to buy or sell an asset in the future at a set price. Calls enable buying while puts enable selling.

In addition to BTC, $3.84 billion worth of ETH options also expire. ETH has fallen about 12% since the Fed meeting to $3,400, with Deribit dominating over 80% of the global crypto options market.

Approximately $4 billion in BTC options, or 28% of the $14 billion in total open interest, expire “in-the-money,” delivering profits to holders. Traders can either close these positions or convert them into future contracts, potentially causing market fluctuations.

Ayushman Ojha contributed to this report.