Cryptocurrencies Drop Over 3% as $200 Million Liquidated; Analysts Still Optimistic Long-Term
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Major cryptocurrencies dropped over 3%, with over $200M in long positions liquidated in 24 hours. Bitcoin fell to $41,243, Ethereum to $2,460, and Dogecoin to $0.077.
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Flare (FLR) was top gainer, up 5.6% to $0.022. Global crypto market cap stands at $1.68T, down 0.92% in 24 hours.
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Analysts observe significant market movements and liquidity below key levels. Recommend buying dips if drops further to $36-39K.
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Traders remain optimistic long-term due to SEC approval of 11 Spot Bitcoin ETFs on Jan 10, though it may have marked a local crypto top.
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Tech stocks drove markets higher, with Nasdaq up 1.35% and S&P 500 up 0.88%. 10-year Treasury yield rose to 4.14%.