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21 hour ago
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Bitcoin Drops to $94,000 Amidst 6-Month Bear Market Claims

Bitcoin Market Update:

  • Bitcoin's price retraced toward $94,500, raising concerns about a potential ongoing bear market.
  • Bitwise CEO Hunter Horsley noted a possible six-month bear market cycle but suggested a transition to a new bullish phase due to evolving market dynamics with Bitcoin ETFs and pro-crypto political administration.
  • Horsley highlighted changes in market structure and buying/selling motivations.

Market Reactions:

  • Crypto-linked stocks experienced declines:
    • MicroStrategy shares dropped by 6%.
    • Gemini Space Station and Bullish saw a 2% decrease.
    • Coinbase's shares fell by 1%.
    • Bitmine Immersion Technologies traded 3% lower.

Insights from Yat Siu of Animoca Brands:

  • Siu attributed some asset sell-offs to market liquidity issues.
  • He noted institutional investors view market downturns as buying opportunities rather than panic signals.

Bitcoin has recovered to $96,750 but still shows a 4% loss over the past 24 hours and seven days.

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