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Bitcoin Price Correction Sees BTC Dip Below $66,000

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Bitcoin suffered a significant correction in early European trading hours Tuesday, plunging from $70,000 to sub-$66,000 levels.

The world’s largest cryptocurrency has since rebounded. At the time of writing, the Bitcoin price is currently $66,736.53, representing a 4.4% decline over the past 24 hours and means it’s now exactly where it was this time last week, according to data from CoinGecko.

The sudden downturn has sent ripples through the crypto market, with Ethereum, the second-largest cryptocurrency, also feeling the pressure. At the time of writing, the Ethereum price is currently sitting at $3,352.94, down 0.6% in the same period, according to CoinGecko data.

This abrupt correction has triggered a wave of liquidations in the Bitcoin market. Over the past 24 hours, total liquidations have reached a staggering $76.89 million. It was just this time yesterday that Bitcoin, which had briefly touched the $70,000 mark, took a wild swing towards $67,000 and took out $185 Million worth of futures contracts in the process.

Long positions bore the brunt of this sell-off, accounting for $69.71 million in liquidations, while short positions saw $7.18 million wiped out, according to CoinGlass data.

Market analysts attribute the correction to a number of factors, including the still-looming specter of Mt. Gox, a defunct cryptocurrency exchange. Repayments to Mt. Gox creditor are still ongoing and it’s still possible that a portion of the users getting their BTC after going a decade without will decide to realize their gains. But so far, evidence shows that they’re content to HODL.

Adding to market jitters, the U.S. government has made significant moves with its Bitcoin holdings.

The Department of Justice transferred 29,799.99011436 BTC (approximately $2.02 billion) from an address associated with seized Silk Road funds. This transfer has raised questions about the government’s intentions for these assets.

Regardless of the reason why the Bitcoin price is lagging, BRN analyst Valentin Fournier calls the dip a “healthy correction.”

“Technical indicators suggest ample room for further growth, with Bitcoin currently trading below overbought levels. Moreover, a confluence of bullish factors continues to support the cryptocurrency’s upward trajectory,” he wrote in a note shared with Decrypt. “Anticipated interest rate cuts, growing institutional adoption, the increasing interest of developed countries for holding BTC as a reserve asset and a strong US economy are all contributing to a favorable market environment.”

Fournier added that this now sets the stage for a potential short squeeze.

“A sustained price increase could trigger a short squeeze, potentially injecting additional momentum into the market and propelling Bitcoin through the crucial $70,000 and $72,000 resistance levels,” he wrote.

Edited by Stacy Elliott.

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Ethereum

Hamster Kombat enjoys triple-digit boost from six days ago

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Hamster Kombat is up over 110% from its all-time low price of $0.002263 six days ago.

At last check Saturday, Hamster Kombat (HMSTR) was among the top-three trending coins on CoinGecko, up by almost 88%.

Its fully diluted valuation currently hovers at around $475.6 million. See below.

Hamster Kombat boasts triple-digit gains from an all-time low, plus Bongo Cat and LMEOW - 1
Source: CoinGecko

What is Hamster Kombat?

The creators of Hamster Kombat remain anonymous — a common choice in the crypto sector.

Based on a game launched via Telegram, Hamster Kombat meshes gaming with blockchain technology, allowing players to earn in-game HMSTR tokens.

Players can tap on digital hamsters to gain rewards. They can then be upgraded and use the coins to access special game features.

Hamster Kombat also uses non-fungible tokens, or NFTs, and is set to integrate TON blockchain wallets for storing and converting earned tokens.

The recent activity around the meme coin comes as crypto.news reported that Hamster Kombat’s recent chart pattern indicated that a comeback was imminent, despite the coin wallowing in a deep bear market.

Bongo Cat enjoys a brand-new beat

Hamster Kombat boasts triple-digit gains from an all-time low, plus Bongo Cat and LMEOW - 2
Source: CoinGecko

Bongo Cat (BONGO) is a meme coin inspired by an internet meme and video featuring a cat playing the bongos.

It has gained attention in the cryptocurrency community, combining meme culture with blockchain technology. As of now:

Bongo Cat is priced at approximately $0.02922 and is currently up 150% at last check on Saturday — the largest-gaining digital asset on CoinGecko.

This blend of meme and finance illustrates the ongoing trend of meme coins capturing both speculative interest and community-driven support in the crypto market.

LMEOW purrs in Thailand

Lmeow (LMEOW) jumped triple-digits on Saturday, coinciding with hype and promotion at Thailand Blockchain Week 2024.

The event, which aims to elevate Thailand into a new era of financial technology, is currently taking place Saturday and Sunday.

Lmeow has a fully diluted valuation of $34.8 million.

The cat-themed tokens can be traded on decentralized exchanges and centralized crypto exchanges, including Uniswap V2 (Ethereum), where the most active trading pair

LMEOW currently has a trading volume of more than $6 million in the last 24 hours.

Hamster Kombat boasts triple-digit gains from an all-time low, plus Bongo Cat and LMEOW - 3
Caption: CoinGekco



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All-Time High

Why Bitcoin Will Soar Above Its Fresh Record: Van Straten

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Even after breaking through $77,000 for the first time, bitcoin’s price looks very likely to keep soaring, CoinDesk senior analyst James Van Straten argues.



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Bitcoin

Bitcoin (BTC) Price Tops $77K Record as Muted Funding Rates Suggest Crypto Rally Has More Room to Run

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While crypto assets booked double-digit gains during this week, with BTC sitting at record highs, funding rates for perpetual swaps on crypto exchanges are much closer to neutral levels than the market top in early March, CoinGlass data shows. Funding rate refers to the amount long traders pay shorts to take the opposite side of a trade. When funding rates are negative, shorts pay the fee to longs, as this relationship often occurs during bearish periods.



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