Bitcoin (BTC) hits under $92,000 due to seasonal financial patterns, but ETH and SOL remain stable
From Investing.com
December 30, 2024 3:30:22 pm:
Bitcoin (BTC) hits a low of under $92,000 in December, sparking speculation among crypto enthusiasts. Chris Burniske attributes the decline to seasonal financial patterns influencing the market, rather than waning interest. With the launch of Bitcoin ETFs in 2024, the crypto market is more intertwined with traditional finance, impacting year-end activities like portfolio rebalancing.
Despite BTC’s struggles, assets like ETH and SOL remain stable or even show growth. This contrasts with the perception of a risk-averse market, indicating end-of-year financial adjustments rather than a broad market shift. Trading strategies and algorithms seem to have adapted to these seasonal trends influenced by institutions.
The holiday season traditionally slows down trading, affecting the crypto market. As digital assets gain traction and become part of the stock market, correlation with traditional assets is inevitable. The rise of ETFs and increased participation in the market reflect a growing mainstream acceptance of crypto assets.
Read more at Investing.com: Ex-ARK Invest Crypto Lead Reveals True Cause Behind Bitcoin (BTC) Collapse By U.Today