Bitcoin Hits $100K, Then Crashes in 24-Hour Rollercoaster Pump-and-Dump

Bitcoin crossed $100,000 for the first time on December 5, only to plummet shortly after in a volatile 24-hour pump-and-dump, liquidating nearly $500 million in trading positions.

Bitcoin $100K Journey: A Wild Ride of Pump-and-Dump Volatility

Bitcoin’s highly anticipated crossing of the $100,000 milestone turned into a dramatic spectacle as the leading cryptocurrency experienced extreme volatility within just 24 hours. The digital asset surged to a record high of $104,100 on December 5, only to nosedive to $91,950 before recovering to $98,296 by press time.

This dramatic price movement led to a market cap fluctuation of approximately $240 billion, leaving traders scrambling to keep up with the chaos.

Massive Liquidations Rock the Market

The pump-and-dump activity resulted in nearly $500 million in liquidated Bitcoin trading positions, with long-position traders bearing the brunt of the losses.

• Total Liquidations: $486.92 million in Bitcoin positions
• Bulls Hit Hardest: $416.79 million wiped from long positions
• Largest Single Liquidation: $18.94 million on OKX in a BTC-USDT-SWAP order

According to CoinGlass, Bitcoin accounted for 54.5% of all crypto liquidations during this period, while altcoins showed resilience against BTC’s turbulence. In total, 165,955 traders were affected, resulting in $892 million in liquidations across the broader cryptocurrency market.

Bitcoin Price Predictions Amid Volatility

Despite the recent price instability, analysts and financial institutions remain optimistic about Bitcoin’s long-term outlook.

• Short-Term Predictions: According to historical December trends, Bitcoin is expected to trade between $94,782 and $101,273 by the end of 2024, per Finbold’s analysis.
• Medium-Term Outlook: TradingShot predicts a rise to $140,000 by February 2025 based on chart patterns.
• Long-Term Forecasts: Standard Chartered estimates Bitcoin will reach $200,000 by the end of 2025, having correctly forecasted the $100,000 milestone this year.

Investor Caution Amid Opportunities

The recent pump-and-dump has underscored Bitcoin’s notorious volatility, with market crashes often viewed as opportunities by seasoned investors. Robert Kiyosaki, the author of Rich Dad Poor Dad, has emphasized that such downturns can provide prime accumulation opportunities for those prepared to withstand the turbulence.

However, traders are advised to tread carefully, avoiding over-leveraged positions and developing robust risk management strategies to mitigate losses from sudden market fluctuations.

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