{"id":29957,"date":"2024-12-20T11:40:25","date_gmt":"2024-12-20T11:40:25","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29957"},"modified":"2024-12-20T11:40:25","modified_gmt":"2024-12-20T11:40:25","slug":"bitcoin-btc-price-collapse-meme-coin-bloodbath-and-more-bits-recap-dec-20","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29957","title":{"rendered":"Bitcoin (BTC) Price Collapse, Meme Coin Bloodbath, and More: Bits Recap Dec 20"},"content":{"rendered":"

TL;DR<\/strong>
\n<\/span><\/p>\n

Bitcoin (BTC) dropped 14% in three days, influenced by the Federal Reserve\u2019s inflation concerns.
\nThe meme coin market saw a sharp 20% drop, with assets like DOGE and SHIB facing double-digit losses and analysts predicting further losses for the former.
\nXRP hit a multi-day low of under $2, but industry participants remain optimistic, highlighting key potential triggers for a future rally, including a Ripple ETF and regulatory resolutions.<\/p>\n

<\/a><\/span><\/h2>\n

BTC Loses $13K in Three Days<\/h2>\n

At the start of the business week, Bitcoin (BTC) soared to a new all-time high of over $108,000. Its market capitalization crossed the $2 trillion mark, making the cryptocurrency bigger than Saudi Aramco and other well-known corporations.<\/span><\/p>\n

However, the peak was short-lived, and the bulls took a <\/span>major<\/span> blow in the following days. BTC tumbled to approximately $101,000 on December 18 and under $93,000 in the last several hours. Currently, the asset is worth around $93,200 (per CoinGecko\u2019s data), representing a 14% decline on a three-day scale.<\/span><\/p>\n

<\/a><\/p>\n

The market started retracing shortly after the US Federal Reserve <\/span>announced<\/span><\/a> its latest rate cut. It reduced the benchmark by 0.25%, but Chairman Jerome Powell hinted that <\/span>the policy might be paused<\/span> next year due to rising inflation concerns. <\/span>He also said the central bank is not permitted to buy BTC<\/span>, despite Donald Trump\u2019s promises<\/span>.<\/span><\/p>\n

While the 13-grand crash in just three days might sound quite dramatic, some factors hint that the bulls could be back in charge soon. Crypto analytics platform Santiment recently <\/span>estimated<\/span><\/a> that BTC\u2019s collapse has increased discussions about buying the dip to early August levels. Back then, the asset\u2019s price tumbled below $50,000, but a few days later, it climbed beyond $62,000. It will be interesting to see whether history will repeat itself this time.\u00a0<\/span><\/p>\n

Heavy Bleeding in the Meme Coin Niche<\/span><\/h2>\n

The meme coin sector has been even more affected than BTC. <\/span>Its market capitalization is down a whopping 20% <\/span>on a daily scale<\/span>, plunging below $100 billion.<\/span>\u00a0<\/span><\/p>\n

All of the leading assets, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Bonk Inu (BONK), <\/span>dogwifhat<\/span> (WIF), and many more, have charted double-digit losses. <\/span>It is <\/span>quite<\/span> challenging to find<\/span> a meme coin positioned in the green today, with Zerebro (ZEREBRO) being among the few exceptions.<\/span>\u00a0<\/span><\/p>\n

Some analysts <\/span>expect<\/span><\/a> further losses in the sector, more specifically <\/span>touching upon<\/span> DOGE. Jake Wujastyk envisioned a potential drop to $0.27, while Rose Premium Signals predicted a crash to $0.22. However, the latter thinks DOGE could <\/span>then<\/span> rebound and resume its bull run.<\/span><\/p>\n

How\u2019s XRP Doing?<\/span><\/h2>\n

Lastly, we will focus on<\/span> Ripple\u2019s native token<\/span><\/a>, which is also deep in the red today (December 20). Currently, it trades at around $2, <\/span>which is<\/span> the lowest mark observed in the past ten days.<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

Many industry participants, though, foresee good days ahead for the XRP army. One analyst recently <\/span>advised<\/span><\/a> investors to cash out only when seven <\/span>important<\/span> things happen. <\/span><\/p>\n

Those include the introduction of Ripple\u2019s stablecoin<\/a>, Donald Trump\u2019s inauguration, a potential resolution of the Ripple v. SEC case, Gary Gensler\u2019s departure from the regulator, the beginning of the altseason, a partnership between the company and a large banking institution, and the possible launch of an XRP ETF.\u00a0<\/span><\/p>\n

The post Bitcoin (BTC) Price Collapse, Meme Coin Bloodbath, and More: Bits Recap Dec 20<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Bitcoin (BTC) dropped 14% in three days, influenced by the Federal Reserve\u2019s inflation concerns. The meme coin market saw a sharp 20% drop, with assets like DOGE and SHIB facing double-digit losses and analysts predicting further losses for the former. XRP hit a multi-day low of under $2, but industry participants remain optimistic, highlighting […]<\/p>\n","protected":false},"author":0,"featured_media":29958,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29957"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29957"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29957\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29958"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}