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Bitcoin fell on Monday, as investors took profits, after the recent rises witnessed in the digital currency.
The cryptocurrency's price finally fell more than 3% to $42,151.38, according to Coinbase, after a significant decline Sunday night that reached a low of about $40,300.
Bitcoin surpassed $44,000 last week, and traded just below that level over the weekend.
In context, Ethereum fell by 4% on Monday, reaching $2,238.38, while the price of Solana and Ripple fell by about 5% each.
The moves follow a 12% rally for Bitcoin in December, according to Coin Metrics, with expectations growing that the SEC may approve the first Bitcoin ETF in early January.
Galaxy Digital estimates the addressable market size of the US Bitcoin ETF at around $14 trillion in the first year after launch, growing to around $26 trillion in the second year.
“Bitcoin is still very hot,” Rob Ginsberg of Wolfe Research said in a recent note. “The currency appears to be trading with enthusiasm not seen since the first months of 2021, when it rose to all-time highs.” October and November saw prices rise. Another 56%.
Bitcoin has seen a steady rise in recent weeks, after a long period of market calm that saw the price trade in a narrow range for several months.
The sudden decline led to a spike in liquidations. According to CoinGlass, Bitcoin saw $93.44 million worth of long liquidations over the past 12 hours while Ethereum saw $65.42 million.
Cryptocurrencies went through a difficult atmosphere in 2022, as a result of which about two trillion dollars were lost, and Bitcoin fell below the high levels it achieved in 2021, while the year witnessed the collapse of other currencies, with FTX filing for bankruptcy in the United States.
Bitcoin recorded its first quarterly decline in 2023, during the third quarter of the year, when its price decreased significantly from what it was three months ago by 13%. During the past weeks, it has regained its awakening.
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