Bitcoin $BTC fell below $90,000... Altcoin losses widen, HYPE plunges 9% in a single day

Bitcoin (BTC) price has once again fallen below the $90,000 (approximately 132.15 million KRW) mark, with the overall cryptocurrency market showing weakness. Among major altcoins, Hyperliquid (HYPE) plunged 9% in a single day, leading the decline.

At the start of the week, Bitcoin had surged past $92,000 (about 135.09 million KRW), showing upward momentum, but quickly faced strong selling pressure, being suppressed below $90,000. It is currently trading at the $90,200 (about 132.42 million KRW) level, down about 2% from the previous day. Bitcoin’s market cap has shrunk to approximately $1.8 trillion (about 2,643.12 trillion KRW), with overall market dominance holding at 57.05%.

This correction occurred after Strategy announced an additional investment of about $1 billion (about 1.4684 trillion KRW) to acquire about 10,600 more Bitcoins. Its total holdings have increased to 660,624 BTC. Some analysts note that, similar to past cases, a short-term correction is repeating after Strategy’s large-scale purchases.

The upcoming US Federal Open Market Committee (FOMC) meeting this week has also heightened market uncertainty. The Fed will announce on December 10 whether it will adjust the benchmark interest rate, and the market widely expects a 0.25 percentage point rate cut.

The altcoin market has taken a bigger hit. Hyperliquid fell 9% in a single day, while Quant (QNT) and Kaspa (KAS) both dropped about 6%. Major large-cap tokens such as Internet Computer (ICP), Uniswap (UNI), Bitcoin Cash (BCH), Pepe (PEPE), Chainlink (LINK), and Dogecoin (DOGE) also generally declined.

On the other hand, Meme Core (M) and Canon (CC) stood out, rising 7% and 5% respectively. Zcash (ZEC) also rose 4%, returning to the $400 (about 587,360 KRW) mark.

The current total cryptocurrency market cap is about $3.16 trillion (about 4,637.344 trillion KRW), down about 2% from the previous day. Although investor sentiment is being suppressed in the short term, the subsequent direction is expected to depend on the FOMC meeting results.

Article Summary by TokenPost.ai

🔎 Market Interpretation

Bitcoin fell below the $90,000 mark and is experiencing a short-term correction, with altcoins reacting more sensitively. The repeated pattern of price decline after Strategy’s large-scale purchases is noteworthy.

💡 Strategy Highlights

Volatility is expected to expand before the FOMC meeting, so a wait-and-see approach is more effective. Depending on the activity or trading supply-demand flow of specific altcoins, there may also be differentiated performance among individual assets.

📘 Glossary

• Strategy: The largest corporate holder of Bitcoin. Formerly known as MicroStrategy.

• FOMC: The US Federal Open Market Committee, the body that determines interest rates and monetary policy.

• Hyperliquid (HYPE): A rapidly emerging new token, recently experiencing sharp ups and downs accompanied by surging trading volumes.

TP AI Notice

This article uses a language model based on TokenPost.ai to generate article summaries. The main content of the text may be omitted or differ from the facts.