The post Why Bitcoin Price Dropped Below $100K? appeared first on Coinpedia Fintech News
After teasing above $100k for the first time for the between part of Thursday, Bitcoin price dropped around 10 percent to almost retest the support level above $92k. The flagship coin traded around $97,680 on Friday, December 6, during the early Asian session, signaling yesterday’s breakout above $100,000 as a fakeout.
Following the sudden Bitcoin selloff in the past 24 hours, more than $900 million was rekt from the entire crypto market, mostly involving long traders. Bitcoin pairs were the most affected with about $498 million, out of which $421 million were long traders.
Major Factors Behind the Sudden Bitcoin Crash Today
Leverage Trading Cool Down
Bitcoin’s Open Interest (OI) surged to over $129 billion and a volume of over $466 billion in the past 24 hours, signaling heightened demand from investors. In the past 24 hours, Tether printed $1 billion on Ethereum, but the Bitcoi
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