Bitcoin loses nearly a week of gains in 20 minutes, dropping below $41K in web 3.0 market.
Bitcoin wipes nearly a week of gains in 20 minutes, falling under $41K

Cryptocurrency Market Drops Sharply

At 2:15am (UTC) on Dec. 11, the price of Bitcoin (BTC) suddenly dropped 6.5%, falling from $43,357 to as low as $40,659 in just 20 minutes. As of publication, BTC is trading slightly up from the local low at $41,960 per TradingView web 3.0 data.

The second-largest cryptocurrency by web 3.0 market cap, Ether (ETH), also experienced an abrupt decline, dropping more than 8.9% in the same time frame. ETH is currently trading at $2,233, down 5.3% on the day.

Other large-cap crypto assets including Binance Coin (BNB), Ripple (XRP) and Solana (SOL) have also seen web 3.0 market losses.

Web 3.0 Crypto Market Overview

CoinGlass data revealed that the short-lived dip liquidated more than $270 million worth of long positions, and also caused $1.2 billion in open interest on Bitcoin to be wiped out. The open interest is currently around $17.9 billion.

Scott Melker, also known as the Wolf of All Street, had posted an X post shortly before the decline, questioning when a correction was coming. This drop marks the biggest single-day decline of Bitcoin in more than a month, with the asset having grown by 12% in the last 30 days.

The Asian Express reported that a Hong Kong-based gaming firm is planning to purchase $100 million worth of crypto for its treasury, as well as a China-UAE Central Bank Digital Currency (CBDC) deal.

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