With a slight increase, Bitcoin (BTC) began the trading week at $41,000. Moreover, Ether (ETH) had a minor increase, closing above $2,100.
According to Coinglass data, there have been $103.5 million in token-tracked futures liquidations in the last 12 hours, with $95 million of those liquidations being longs, or bets on rising prices. $33 million in bitcoin positions were liquidated out of the $103.5 million in total liquidations; $29 million of those positions were long bitcoin positions.
According to Lucy Hu, a senior analyst with the Hong Kong-based digital asset management company Metalpha, despite the recent Ledger hack, the market as a whole is holding up fairly well, with rate cuts imminent and factors like ordinals generating increased interest in bitcoin.
Lucy stated in an email interview that there are significant concerns regarding wallet security and that the widespread Ledger hack did affect attitudes in the DeFi community. In addition, she stated that the extraordinary ascent of Bitcoin Ordinals keeps igniting enthusiasm for Bitcoin miners, who have received substantial rewards. They anticipated that Bitcoin's long-term growth trend would continue.
Even with the current correction phase in bitcoin, end-of-year predictions for 2024–2025 are still quite optimistic, especially when contrasted with the gloomy predictions of $10–12k bitcoin made last year.
Woo Network stated in a recent end-of-year report that they aim to see $75K for BTC in "early 2024." Similar to Bitwise, the fund believes that the price of bitcoin will rise above $80,000.
With dozens of new meme coins flooding the market, gas fees are surging on Ethereum and many layer-1 chains, including Avalanche.
