Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, remained above the $37,000 mark early Tuesday. Ethereum (ETH), on the other hand, continued to ride ETF possibilities and remained above the $2,000 mark. Other popular altcoins — including the likes of Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE) — saw minor dips across the board. ApeCoin (APE) emerged to be the biggest gainer, with a 24-hour jump of over 8 percent. Arweave (AR) became the biggest loser, with a 24-hour dip of nearly 12 percent.
The global crypto market cap stood at $1.42 trillion at the time of writing, registering a 24-hour gain of 0.52 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $37,489.62, registering a 24-hour jump of 0.93 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 32.86 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,018.57, marking a 24-hour gain of 0.94 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.78 lakh.
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Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 3.39 percent, as per CoinMarketCap data, currently priced at $0.07724 As per WazirX, Dogecoin price in India stood at Rs 6.82.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 0.69 percent. At the time of writing, it was trading at $69.84. LTC price in India stood at Rs 6,199.63.
Ripple (XRP) Price Today
XRP price stood at $0.6142, seeing a 24-hour loss of 1.54 percent. As per WazirX, Ripple price stood at Rs 53.79.
Solana (SOL) Price Today
Solana price stood at $56.05, marking a 24-hour dip of 6.66 percent. As per WazirX, SOL price in India stood at Rs 5,080.
Top Crypto Gainers Today (November 21)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
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ApeCoin (APE)
Price: $1.50 24-hour gain: 8.63 percent
PancakeSwap (CAKE)
Price: $2.68 24-hour gain: 7.61 percent
Binance (BNB)
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Price: $263.36 24-hour gain: 6.45 percent
Gnosis (GNO)
Price: $189.92 24-hour gain: 5.46 percent
Klaytn (KLAY)
Price: $0.1802 24-hour gain: 5.36 percent
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Top Crypto Losers Today (November 21)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Arweave (AR)
Price: $8.03 24-hour loss: 11.96 percent
Celestia (TIA)
Price: $5.86 24-hour loss: 11.59 percent
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Kaspa (KAS)
Price: $0.1284 24-hour loss: 11.43 percent
ORDI (ORDI)
Price: $20.46 24-hour loss: 11.06 percent
dYdX (ETHDYDX)
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Price: $3.03 24-hour loss: 10.55 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin is trading at the $37,500 level as market participants await insights from the US FOMC meeting today. Bitcoin has surged by over 126 percent since the beginning of the year. Meanwhile, Ethereum has been trading above the $2,000 threshold amidst discussions regarding Spot ETH ETF applications in the US. In other news, the altcoin Cardano has shown solid growth, recording an increase of over 8 percent in the last week.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin at $37,000 has defied many projections of a correction phase. As ETF prospects keep piling, the top two tokens by market cap, BTC and ETH, are leading the Crypto market. Altcoins such as Ripple and Solana also witnessed a surge as institutional investment trickled beyond Bitcoin and Ethereum. While major market oscillators indicate a ‘Neutral’ sentiment, Bitcoin’s price predictions post halving might entice more investors to enter the market.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin is currently trading at $37,489 showing a slight uptrend of 0.13 percent. It is in a consolidation phase, facing resistance at $37,574 and crucial support at $36,342. The Relative Strength Index (RSI) at 58.78 indicates a moderate presence of buyers, leaving room for more momentum. The $37,574 level is key for potential bullish momentum, while a break below $36,342 could prompt a reassessment of bullish sentiment. Traders watch these levels closely for signals of market direction. The overall situation suggests a cautious outlook, with attention focused on key support and resistance levels for potential market reversals.”
Shivam Thakral, CEO of BuyUcoin, said, “The crypto heavyweights like Bitcoin and Ether continue to lead the strong market rally riding on the ETF wave. BTC is inching towards the $40,000 mark which will be its highest point in 2023 while ETH is sitting comfortably on the $2,000 mark. Binance reaching the settlement stage with SEC may also bring some positive sentiment in the market and drive the prices north. The overall crypto market cap has touched the $1.42 trillion mark.”
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CoinSwitch Markets Desk told ABP Live, “With OpenAI founder Sam Altman in the news over the weekend, AI-related tokens have also experienced volatility in the past few days, as Sam’s crypto project World Coin, touched its four-month high at $2.71 before returning to $2.25 levels. Other AI-related tokens like RNDR also crossed its 21-month high and have almost doubled in just one month. Another development came in terms of the acquisition of Coindesk, as one of the world’s leading crypto-focused media companies was acquired by a crypto exchange called Bullish. The exchange is led by an ex-NYSE president. Coindesk is one of the most influential companies in the crypto space as they were among the first to report the FTX fiasco, and also infamously the recent fake news of a spot BTC ETF approval.”
CoinDCX Research Team noted, “Due to BTC’s sideways movement in recent days, ALT coins exhibited mixed trading. In noteworthy news, BNB coin surged by over 7 percent following reports that the US Government is seeking over $4 billion from Binance to settle a criminal case, as reported by Bloomberg. This news notably impacted the price of BTC positively.”
Subscribe And Follow ABP Live On Telegram: t.me/officialabplive
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever.Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
The
cryptocurrency market is witnessing a significant correction in Cardano (ADA)
prices, with the token experiencing a sharp decline to $0.9, representing a 24%
decrease in the past 24 hours. This downturn comes after an impressive 216%
surge in November, raising questions about the sustainability of ADA’s recent
rally.
During
Monday’s session, ADA’s price dropped nearly 16%, closing the day at $1.
Intraday declines were even steeper, reaching a local low of $0.91. This
represented a temporary 24% loss for Cardano, marking the largest single-day
drop in over three years, since September 2021, when ADA’s price fell by 30%.
Today,
Tuesday, December 10, 2024, ADA’s price is seeing a slight correction, up 1.3%.
Currently, Cardano is trading at $1.02 on Binance. However, the recent drop
significantly impacted Cardano’s total market capitalization, which now stands
at $35.6 billion, pushing the token to the ninth position among the largest cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term by market cap.
Why is Cardano price down today? Source: TradingView
Despite the
decline, investor activity remains robust, with daily trading volume at $3.8
billion, exceeding that of Binance Coin (BNB), which is currently the
sixth-largest token in circulation.
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What is the current Cardano market capitalization? Source: CoinMarketCap
Current Market Status
The price
correction in Cardano reflects broader market dynamics and profit-taking
behavior. After reaching significant highs, ADA is showing signs of exhaustion
as traders engage in profit-taking activities. The Relative Strength Index
(RSI) has exited overbought territory, suggesting a cooling period for the
asset.
However, Cardano isn’t the only cryptocurrency experiencing a decline. Ripple’s XRP token also recorded its steepest drop in two months during a single session. A similar fate befell meme coins, including Shiba Inu (SHIB), which is undergoing a significant correction in price.
Cardano Price Technical
Analysis
Recent
technical analysis reveals that Cardano is testing critical support levels. The
token’s price action has formed bearish patterns, with increased selling
pressure from short-term holders.
Looking at
the ADA/USD chart, the price has stalled around the $1.25 level, which aligns
with local highs from April 2022, and is currently stuck in a consolidation
phase between this level and the $0.90 support.
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As long as
these two levels hold, I would expect the upward trend to continue. My outlook
will only change if the support zone, additionally reinforced by the 23.6%
Fibonacci retracement, is breached. In that case, it could open the door to
further levels marked on the chart and described in more detail below.
I believe any dips would present opportunities to accumulate ADA at lower and
more attractive prices. A break below $0.68, however, would shift my
perspective to a more bearish outlook.
Technical Support and
Resistance Levels
Key
Support Zones:
$0.9176 –
23.6% Fibo retracement
$0.9 – psychological support line
$0.8 – local highs from March 2024
$0.68 – local highs from December 2023
$0.3 – lows from 2024
Resistance
Areas:
$1.1 – local high from November 2024
$1.25 – current main resistance zone,
highs from November and December
$1.32 – intraday high from late November
$1.3349 – 38.2% Fibo retracement
ADA Volume Analysis
Trading
volume analysis indicates significant liquidations at higher price levels. Over
the past 24 hours, $1.6 billion has been wiped from the market, with $1.4
billion coming from leveraged long positions. Larger tokens account for most of
this movement, though ADA also has a visible share. In total, $23 million was
liquidated from leveraged positions in Cardano during the day, $20 million of
which came from longs.
Fundamental Factors Behind
the Cardano Price Drop
Profit-Taking Pressure
The primary
driver of the current price decline is widespread profit-taking following ADA’s
substantial gains. After climbing over 114.5% in the past year, investors are
naturally securing their profits, creating downward pressure on the price.
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It is worth also noting that Bitcoin did not sustain its position above $100K mark, which also heightened the current selling preassure.
Market Sentiment Shift
Recent
events have impacted market sentiment:
A social
media hack of Cardano’s official accounts spread false information about an SEC
lawsuit
Looks like the CF account got hacked. Try harder hackers https://t.co/DhT9PpgfZt
The
immediate price trajectory appears challenging, with analysts predicting
potential consolidation in the coming weeks. Current technical indicators
suggest ADA could experience further correction before finding stable support.
Long-Term ADA Price Forecast
Despite
short-term volatility
Volatility
In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad
In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term, long-term projections remain optimistic:
You can
find more Cardano price predictions for 2025 and 2030 here. Finance Magnates has also prepared forecasts for other cryptocurrencies, including Dogecoin, for the year 2025.
Our Cardano $ADA price prediction of $6.00 might surprise you. From what we can see, Cardano just might be mirroring its performance from previous cycles. What do you think?🌚 pic.twitter.com/0Aqy4YdoaM
Several
elements could influence future price movement:
Overall
cryptocurrency market conditions
Regulatory
developments
Technical
breakthrough implementations
Institutional
adoption rates
Should You Invest in
Cardano (ADA)?
The
platform continues to evolve with technological advancements and ecosystem
developments, which could positively impact future valuations. Network
improvements and increasing adoption rates remain crucial factors for long-term
price stability.
While
Cardano’s current price correction might concern some investors, it represents
a natural market cycle following significant gains. Technical indicators
suggest a period of consolidation, but fundamental strengths remain intact.
Investors should consider both short-term volatility and long-term potential
when making investment decisions.
The
combination of technical analysis, market sentiment, and fundamental
developments indicates that while ADA may experience continued pressure in the
near term, the overall trajectory maintains positive momentum for future
growth. However, as with all cryptocurrency investments, careful consideration
of risk factors and market conditions remains essential.
Advertisement
Cardano Price Prediction,
FAQ Section
Why is the Cardano price
low?
Cardano’s
recent price movements reflect profit-taking after a 168% surge over the past
month, with the price currently at $1.02. The market is undergoing a natural
correction phase following this substantial growth.
What is happening with ADA
Cardano?
ADA has
reached a market cap above $40 billion for the first time in three years, with
futures open interest hitting a 40-month high of $1.18 billion. The network’s
Total Value Locked (TVL) has significantly increased from $230 million to $705
million in December 2025.
Will ADA recover from
current levels?
Technical
analysis and market experts predict ADA will continue its growth trajectory,
with forecasts suggesting prices between $1.21 and $1.34 by the end of December
2024. Long-term projections indicate potential growth to $2.76 by 2025.
Is Cardano expected to go
back up?
Market
analysts maintain a bullish outlook, with predictions for 2024 ranging between
$1.21 and $2.02. Factors supporting this growth include increased whale
accumulation, network developments like the Hydra protocol, and growing DeFi
adoption.
The
cryptocurrency market is witnessing a significant correction in Cardano (ADA)
prices, with the token experiencing a sharp decline to $0.9, representing a 24%
decrease in the past 24 hours. This downturn comes after an impressive 216%
surge in November, raising questions about the sustainability of ADA’s recent
rally.
Advertisement
During
Monday’s session, ADA’s price dropped nearly 16%, closing the day at $1.
Intraday declines were even steeper, reaching a local low of $0.91. This
represented a temporary 24% loss for Cardano, marking the largest single-day
drop in over three years, since September 2021, when ADA’s price fell by 30%.
Today,
Tuesday, December 10, 2024, ADA’s price is seeing a slight correction, up 1.3%.
Currently, Cardano is trading at $1.02 on Binance. However, the recent drop
significantly impacted Cardano’s total market capitalization, which now stands
at $35.6 billion, pushing the token to the ninth position among the largest cryptocurrencies
Cryptocurrencies
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term by market cap.
Why is Cardano price down today? Source: TradingView
Despite the
decline, investor activity remains robust, with daily trading volume at $3.8
billion, exceeding that of Binance Coin (BNB), which is currently the
sixth-largest token in circulation.
What is the current Cardano market capitalization? Source: CoinMarketCap
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Current Market Status
The price
correction in Cardano reflects broader market dynamics and profit-taking
behavior. After reaching significant highs, ADA is showing signs of exhaustion
as traders engage in profit-taking activities. The Relative Strength Index
(RSI) has exited overbought territory, suggesting a cooling period for the
asset.
However, Cardano isn’t the only cryptocurrency experiencing a decline. Ripple’s XRP token also recorded its steepest drop in two months during a single session. A similar fate befell meme coins, including Shiba Inu (SHIB), which is undergoing a significant correction in price.
Cardano Price Technical
Analysis
Recent
technical analysis reveals that Cardano is testing critical support levels. The
token’s price action has formed bearish patterns, with increased selling
pressure from short-term holders.
Looking at
the ADA/USD chart, the price has stalled around the $1.25 level, which aligns
with local highs from April 2022, and is currently stuck in a consolidation
phase between this level and the $0.90 support.
As long as
these two levels hold, I would expect the upward trend to continue. My outlook
will only change if the support zone, additionally reinforced by the 23.6%
Fibonacci retracement, is breached. In that case, it could open the door to
further levels marked on the chart and described in more detail below.
I believe any dips would present opportunities to accumulate ADA at lower and
more attractive prices. A break below $0.68, however, would shift my
perspective to a more bearish outlook.
Technical Support and
Resistance Levels
Key
Support Zones:
$0.9176 –
23.6% Fibo retracement
$0.9 – psychological support line
$0.8 – local highs from March 2024
$0.68 – local highs from December 2023
$0.3 – lows from 2024
Resistance
Areas:
$1.1 – local high from November 2024
$1.25 – current main resistance zone,
highs from November and December
$1.32 – intraday high from late November
$1.3349 – 38.2% Fibo retracement
ADA Volume Analysis
Trading
volume analysis indicates significant liquidations at higher price levels. Over
the past 24 hours, $1.6 billion has been wiped from the market, with $1.4
billion coming from leveraged long positions. Larger tokens account for most of
this movement, though ADA also has a visible share. In total, $23 million was
liquidated from leveraged positions in Cardano during the day, $20 million of
which came from longs.
Fundamental Factors Behind
the Cardano Price Drop
Profit-Taking Pressure
The primary
driver of the current price decline is widespread profit-taking following ADA’s
substantial gains. After climbing over 114.5% in the past year, investors are
naturally securing their profits, creating downward pressure on the price.
It is worth also noting that Bitcoin did not sustain its position above $100K mark, which also heightened the current selling preassure.
Advertisement
Market Sentiment Shift
Recent
events have impacted market sentiment:
A social
media hack of Cardano’s official accounts spread false information about an SEC
lawsuit
Looks like the CF account got hacked. Try harder hackers https://t.co/DhT9PpgfZt
The
immediate price trajectory appears challenging, with analysts predicting
potential consolidation in the coming weeks. Current technical indicators
suggest ADA could experience further correction before finding stable support.
Long-Term ADA Price Forecast
Despite
short-term volatility
Volatility
In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad
In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term, long-term projections remain optimistic:
You can
find more Cardano price predictions for 2025 and 2030 here. Finance Magnates has also prepared forecasts for other cryptocurrencies, including Dogecoin, for the year 2025.
Our Cardano $ADA price prediction of $6.00 might surprise you. From what we can see, Cardano just might be mirroring its performance from previous cycles. What do you think?🌚 pic.twitter.com/0Aqy4YdoaM
Several
elements could influence future price movement:
Overall
cryptocurrency market conditions
Regulatory
developments
Technical
breakthrough implementations
Institutional
adoption rates
Should You Invest in
Cardano (ADA)?
The
platform continues to evolve with technological advancements and ecosystem
developments, which could positively impact future valuations. Network
improvements and increasing adoption rates remain crucial factors for long-term
price stability.
While
Cardano’s current price correction might concern some investors, it represents
a natural market cycle following significant gains. Technical indicators
suggest a period of consolidation, but fundamental strengths remain intact.
Investors should consider both short-term volatility and long-term potential
when making investment decisions.
The
combination of technical analysis, market sentiment, and fundamental
developments indicates that while ADA may experience continued pressure in the
near term, the overall trajectory maintains positive momentum for future
growth. However, as with all cryptocurrency investments, careful consideration
of risk factors and market conditions remains essential.
Cardano Price Prediction,
FAQ Section
Why is the Cardano price
low?
Cardano’s
recent price movements reflect profit-taking after a 168% surge over the past
month, with the price currently at $1.02. The market is undergoing a natural
correction phase following this substantial growth.
Advertisement
What is happening with ADA
Cardano?
ADA has
reached a market cap above $40 billion for the first time in three years, with
futures open interest hitting a 40-month high of $1.18 billion. The network’s
Total Value Locked (TVL) has significantly increased from $230 million to $705
million in December 2025.
Will ADA recover from
current levels?
Technical
analysis and market experts predict ADA will continue its growth trajectory,
with forecasts suggesting prices between $1.21 and $1.34 by the end of December
2024. Long-term projections indicate potential growth to $2.76 by 2025.
Is Cardano expected to go
back up?
Market
analysts maintain a bullish outlook, with predictions for 2024 ranging between
$1.21 and $2.02. Factors supporting this growth include increased whale
accumulation, network developments like the Hydra protocol, and growing DeFi
adoption.
Bitcoin, Ethereum, Dogecoin Recover Losses After Flash Crash: Analyst Pinpoints Critical BTC Support Levels – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)
Leading cryptocurrency dumped hard on Monday following Bitcoin’s flash crash to $94,000.
Cryptocurrency
Gains +/-
Price (Recorded at 7:45 p.m. ET)
Bitcoin BTC/USD
-1.86%
$97,790.92
EthereumETH/USD
-5.05%
$3,765.62
DogecoinDOGE/USD
-9.34%
$0.4164
What Happened: The world’s largest cryptocurrency got rejected at $100,000 during morning trading and later slumped from $98,000 to an intraday low of $94,355 in a span of two hours, triggering a barrage of liquidations.
Prices recovered to the high $97,000s overnight.
Ethereum witnessed similar turbulence, plunging sharply to $3,550 to later rebound to $3,765.
The crash triggered about $1.72 billion in cryptocurrency liquidations in the last 24 hours, with leveraged longs accounting for nearly $1.55 billion.
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About $509 million in short positions risked liquidation if Bitcoin reclaimed $100,000.
Bitcoin’s Open Interest dropped by 1.32% in the last 24 hours, while Ethereum saw a 5.44% plunge in money locked in unsettled futures contracts.
That said, the total number of long positions for Bitcoin surged in comparison to shorts, indicating expectations of future price increases.
Top Gainers (24-Hours)
Cryptocurrency
Gains +/-
Price (Recorded at 8:15 p.m. ET)
Ethena (ENA)
+3.82%
$1.05
UNUS SED LEO (DYDX)
+7.19%
$9.44
Pepe (PEPE)
+2.42%
$0.00002697
The global cryptocurrency market capitalization stood at $3.48 trillion, plunging by 5.37% in the last 24 hours.
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Stocks got hammered on the first day of a new trading week. The Dow Jones Industrial Average fell 240.59 points, or 0.54%, to close at 44,401.93. The S&P 500 dipped 0.61%, ending at 6,052.85, while the tech-heavy Nasdaq Composite slid 0.62% to end at 19,736.69.
The tech drawdown was precipitated by a 2.55% drop in NVIDIA Corp.NVDA shares after the artificial intelligence juggernaut was hit with an antitrust probe in China.
The slump came ahead of the release of November’s consumer price index data, due for release on Wednesday.
See More:Best Cryptocurrency Scanners
Analyst Notes: Widely followed cryptocurrency analyst Justin Bennett weighed in on the Bitcoin pullback scenario, stressing the $91,800 mid-range and an $83-$85,000 support.
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“I think those are your targets (level by level) if $99,000 is lost on a daily closing basis,” Bennett projected.
So far, that $BTC pullback scenario I shared yesterday is playing out with a $91,800 mid-range and an $83-$85k floor. I think those are your targets (level by level) if $99k is lost on a daily closing basis.
Popular on-chain analytics firm CryptoQuant noted a surge in Coinbase Premium alongside a slump in Bitcoin’s prices.
For the curious, a higher premium reflects strong buying pressure by U.S.-based institutional investors.
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“This rebound suggests that when excessive panic selling occurs on Binance, which has a higher proportion of small investors, U.S. institutional investors are likely to adopt an aggressive buying strategy,” CryptoQuant added.
Bitcoin Plummets, But Coinbase Premium Surges
“Rebound suggests that when excessive panic selling occurs on Binance, which has a higher proportion of small investors, U.S. institutional investors are likely to adopt an aggressive buying strategy.” – By @MAC_D46035
Microsoft MSFT shareholders will cast their votes on whether the company should publicly assess adding Bitcoin to its balance sheet on Dec. 10.
The vote, scheduled for 8:30 AM PST, comes as Bitcoin BTC/USD trades at $98,050, after touching a record high of $103,679 and gains endorsement from global leaders such as President-elect Donald Trump and Russian President Vladimir Putin.
The proposal, titled “Assessment of Investing in Bitcoin,” was submitted by the National Center for Public Policy Research, which describes Bitcoin as “an excellent hedge against inflation,” Quartz reported, quoting an SEC filing.
Despite this advocacy, Microsoft’s board of directors has recommended voting against the measure, asserting that the company already evaluates a broad range of assets, including Bitcoin, as part of its existing investment strategy.
“The company carefully considers this topic as part of our broader financial framework,” the board noted in a filing with the U.S. Securities and Exchange Commission (SEC).
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Also Read: Bitcoin Saw ‘Historic Rally’ In November Thanks To Trump Win, Says JPMorgan
Microsoft co-founder Bill Gates has consistently expressed skepticism about cryptocurrencies, often citing their speculative nature.
His views appear to align with the board’s position, further diminishing the likelihood of shareholder approval.
While some tech giants like Tesla TSLA and MicroStrategy MSTR have embraced Bitcoin, Microsoft has yet to follow suit.
MicroStrategy, for example, holds 423,650 BTC, valued at approximately $42 billion at current market prices, making it the largest corporate Bitcoin holder.
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Read Next:
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