The price of #Bitcoin saw a sharp slump, falling as low as $66,952 on Friday during the early Asian trading session, a 7% decrease. Remarkably, this severe decline erased almost $100 million in long Bitcoin holdings as the price of the cryptocurrency dropped from its most recent high of $70K!
Smaller cryptocurrency losses were significantly more severe during the frantic activity. With Aptos $APT filecoin $FIL Cardano's $ADA and Avalanche's $AVAX all down 15-20%, the broad-market CoinDesk 20 Index (CD20) fell by around 10%.
Although there were no significant announcements in the cryptocurrency space today, this kind of volatility frequently occurs on the Friday or Saturday of each week. And that's what we got today for the first time in a long time.
The digital asset investment company #RyzeLabs advised investors to expect some "short-term market softness" for cryptocurrency assets because of the approaching tax season in a report published on Friday.

A pattern that is frequently observed when U.S. markets open—which usually corresponds with Bitcoin's decline—made the current market meltdown worse. In addition, the decline in Bitcoin was consistent with losses in gold and the #Nasdaq index. Experts predict that Bitcoin will drop to around $60k in price following this sharp decline, maybe before of the Halving Rally...
Despite the temporary setback, Singapore-based QCP Capital remains optimistic about Bitcoin's long-term prospects. They anticipate the dips to be short-lived, emphasizing the ongoing strong demand for BTC spot ETFs. Additionally, they note significant interest in BTC calls predicting prices between $100,000 and $150,000 by year-end.