The current trading price of Bitcoin is $95,427 and this price level is down 7% in the last 24 hours.
Notably, today the highest and lowest trading price of Bitcoin was $102,877 and $92,290, which means that Bitcoin experienced more than -10%+ dumps in just 24 hours.
A crypto analyst shared his opinion based on analysis and said that the latest correction in Bitcoin price is very common and occurs in every bull run.
In the same period, Ethereum plunged almost 15%, which is a significant drop for this second-highest-ranked cryptocurrency, amid the bull run in the cryptocurrency sector.
Already yesterday we reported that panic among Bitcoin traders came into play due to a non-Bitcoin-friendly loan agreement between El Salvador, a Bitcoin bull country, and the International Monetary Fund (IMF).
In particular, the government of El Salvador purchased $1 million worth of Bitcoins today, despite having a loan agreement with the IMF agency.
Christmas Eve and New Year
The start of this week’s Bitcoin dump hinted that a big rally in Bitcoin’s trading price was planned just before Christmas.
Some cryptocurrency trading experts claim that it is a good sign that Bitcoin is showing strong momentum this month, especially around Christmas Eve.
Furthermore, we know that the new year and the past few years are proof that January always comes with bullish momentum for Bitcoin. At least a 20% increase in the trading price of Bitcoin is expected.
More capital inflow into the Bitcoin and Ethereum market
Today, the United States Securities and Exchange Commission (SEC) approved the first combined Bitcoin and Ethereum spot ETF from Hashdex and Franklin Templeton.
It means that investors will gain exposure to Ethereum and Bitcoin simultaneously with a single ETF product.
Also read: Big companies buy $2 billion worth of Bitcoin, but prices keep falling: is this the reason?
