Bitcoin Drops Below $42,000 as Bears Gain Control
Date: 2024-02-06 Author: Dima Zakharov Categories: BLOCKCHAIN
Bitcoin Bears Push Prices Down
Bitcoin experienced a significant drop, with bears gaining control and pushing its price below $43,000. In the past 24 hours, over $75 million worth of long positions in the futures market were liquidated. Coinglass data reveals that BTC futures worth almost $30 million were canceled on various exchanges.
Ethereum Holds Steady, Altcoins Show Strength
At the time of this report, Ethereum (ETH) was trading at $2,288. ETH, along with other altcoins, demonstrated strong growth in the past week. Chainlink (LINK) briefly surged above $19 before correcting to $18.52, while Solana (SOL) made an attempt to breach $100 but fell to $95.17 as traders locked in profits.
Genesis Files for Bankruptcy
Genesis, a company, filed for bankruptcy in a New York court on Saturday. The company seeks approval to sell its digital assets worth $1.6 billion, held in Grayscale trusts. This development added to the market's downward pressure, as bears continue to dominate the Bitcoin options market.
Uncertain Future for Bitcoin
Analysts are skeptical that Bitcoin will reach $50,000 by the end of February. The expiry date for monthly options is on February 23, and it seems unlikely that bulls will trigger a significant BTC rally by that time. The market remains in bearish territory as bears attempt to keep Bitcoin prices subdued.
