Bitcoin (BTC) Slips Below $92,000 Amid High Liquidation

As 2024 winds up, the largest cryptocurrency, Bitcoin (BTC), plunged below $92,000 with a 2.67% drop as the fear of hyper-liquidation rumors sparked in the community. At the time of writing, BTC is trading around $91,814, according to the CoinMarketCap.

Some crypto analysts speculated a further drop in the cryptocurrency, saying it could slip below $91,000 due to a huge dump linked to its negative correlation with the USDT Dominance Index.

Amid the dip in BTC’s price, MicroStrategy’s CEO, Michael Saylor, announced the acquisition of 2,138 BTC for approximately $209 million at $97,837 per Bitcoin, accumulating 446,400 Bitcoins in total. The cryptocurrency’s meteoric rally to a new all-time high of $108,000 came to an end as the price retraced sharply, dropping below $93,000. 

Is Bitcoin Truly Decentralized?

The pullback comes amid growing speculation about the driving forces behind Bitcoin’s unprecedented rise. 

In a bold statement, the crypto analyst, Sisyphus suggested that BTC’s current momentum might have been heavily influenced by MicroStrategy’s CEO, Michael Saylor, and his aggressive Bitcoin acquisition strategy. 

However, with reduced buying activity from Saylor’s side, he raised concerns about the sustainability of the rally. 

Some intellectuals are now debating whether BTC’s intense rally is a sign of a “secular bull market” or a symptom of over-reliance on institutional players to drive demand. 

Recently, big institutions have started growing their BTC holdings after Donald Trump’s remarkable victory in the presidential election of 2024. However, the large dominance of institutional players sparked the debate about the cryptocurrency’s decentralized nature. 

Another crypto expert said: “Cryptocurrencies like Bitcoin aren’t truly decentralized—they’re just centralized by different entities.” 

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Rajpalsinh Parmar
Written by Rajpalsinh Parmar

Rajpalsinh is a crypto journalist with over three years of experience and is currently working with CryptoNewsZ. Throughout his journey, he has honed skills like content optimization and has developed expertise in blockchain platforms, crypto trading bots, and hackathon news and events. He has also written for TheCryptoTimes, where his ability to simplify complex crypto topics makes his articles accessible to a wide audience. ionate about the ever-evolving crypto space, he stays updated on industry trends to provide well-researched insights. Outside of work, gaming serves as his stress buster, helping him stay focused and refreshed for his next big story. He is always eager to explore new blockchain innovations and their potential impact on the global financial ecosystem.