- Bitcoin Price dropped to $95,083.93 from nearly $100,000, representing a 4.8% decline in 24 hours.
- Low holiday trading volume contributed to increased market volatility.
- TradingView technical malfunction showing 0% Bitcoin dominance triggered market panic.
- Approximately $33 million in Bitcoin long positions were liquidated during the decline.
- Market expectations around future cryptocurrency policies affecting price stability.
Bitcoin retreated sharply from its near-$100,000 peak on December 26, dropping to $95,083.93 amid holiday-thinned trading and technical platform issues. The cryptocurrency market faced increased volatility as trading volumes decreased during the extended holiday period.
According to Coinbase data from TradingView, the digital asset declined approximately 4.8% after reaching $99,900 on Christmas Day. The price stabilized between $95,000 and $96,000 following the initial drop.
Holiday Trading Impact
The year-end holiday schedule has created an extended period of reduced market activity. Tim Enneking, managing partner of Psalion, explained:
“With both Christmas and New Year’s falling smack in the middle of two consecutive weeks this year, markets are looking at a more extended period of holiday low volume than usual.”
Alex Lin, cofounder of Reforge, confirmed this pattern as typical for the season, noting that reduced trading volumes can amplify price movements.
Technical Disruption
A significant technical malfunction on TradingView, a popular cryptocurrency charting platform, contributed to market uncertainty. Marc P. Bernegger, cofounder of AltAlpha Digital, detailed:
“This error falsely displayed Bitcoin’s dominance at 0%, leading to a panic among traders and subsequent market volatility.”
The technical glitch resulted in:
- $33 million in Bitcoin long position liquidations
- Accelerated selling pressure in low-liquidity conditions
- $338 million in Bitcoin ETF outflows on December 24
George Kailas, CEO of Prospero.ai, attributed the price action to market speculation around future cryptocurrency policies:
“These swings are so wild due to the disjointed nature of policy expectations without policy… even with a fair expectation of policies being quite friendly towards Crypto, the policies do not exist yet.”
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