Bitcoin Declines to $98,000 over Profit Takings
The bitcoin price tanked strongly on Friday due to sell pressures from retail investors in the cryptocurrency market. The latest bearish move halted the euphoria of Paul Atkins pick as U.S. Securities and Exchange Commission chief.
Bitcoin (BTC-USD) had crossed to about $104,000 across the markets after the news of Atkins leading the U.S. SEC under president-elect Donald Trump from 2025.
Across crypto exchanges, bitcoin is now trading at $98,000 level, losing more than 4.2% in 24 hours, while Ethereum to $3,867, losing about 1.7% on the day.
Latest data from the CoinMarketCap.com showed that the global crypto market cap has tanked to $3.59 trillion, representing a 2.68% decrease over the last day, from $3.71 trillion.
Further data revealed that the total crypto market volume over the last 24 hours printed at $302.59 billion, which makes a 15.68% decrease.
According to CoinMarketCap.com, the total volume in DeFi is currently $22.02 trillion, accounting for 7.28% of the total crypto market 24-hour volume.
Also, the platform pegged the volume of all stable coins at $280.92 billion, which is 92.84% of the total crypto market 24-hour volume.
Shares of software firm MicroStrategy, which has been buying bitcoin hand over fist for its corporate treasury, fell as the currency’s rally stalled out around the $100,000 level. MicroStrategy fell about 5% but remains up by almost 70% in the last month.
Meitu divested all of its cryptocurrency investments worth $180 million, according to a Wednesday filing with the Hong Kong Exchange. The sale came just before Bitcoin topped $100,000.
The selfie app operator sold its 940 Bitcoin units worth $80 million and 31,000 units of Ether worth $100 million, the filing said.Meitu raked in $79.6 million in gains from the sale of the cryptocurrencies, the filing said.
Proceeds from the sale will be used to fund the payment of its special dividend and for working capital. The selfie app is among the few Hong Kong-based companies to disclose its cryptocurrency holdings, according to a report by the South China Morning Post on Thursday. Liquidity: Banks Borrow N3.6Trn from CBN at Higher SLF Rate
