Bitcoin experienced notable price swings on Dec. 26, seemingly triggered by incorrect data on TradingView’s Bitcoin dominance chart.
False Data Sparks Market Turbulence
Cointelegraph Markets Pro recorded a sharp 4% drop in Bitcoin’s price, ending the calm trading environment of the Christmas period.
BTC/USD briefly fell toward $95,000 as a TradingView anomaly inaccurately indicated Bitcoin’s market dominance had plummeted to 0%.
The issue, since resolved, appeared to drive panic among traders.
“So there was a TradingView glitch surrounding $BTC dominance and this caused people to panic dump? People now dumping over TradingView?” trader Satoshi Flipper questioned on X.
Monitoring platform CoinGlass reported that approximately $33 million in BTC long positions were liquidated within a four-hour span.
Bitcoin Dominance Trends and Altcoin Outlook
Bitcoin’s market dominance has been a hot topic among traders.
Recent all-time highs for BTC have left altcoins struggling to keep pace.
Bitcoin dominance peaked at 61.5% in mid-November but has since declined, fueling speculation about an impending “altseason.”
“BTC Dominance reached 2021 breakdown level and rejected,” trading account Aqua noted on X.
“I think BTC Dominance peaked and ALTs will start outperforming $BTC in the coming months. Finally we will see true ALTs season soon.”
Trader and analyst Michaël van de Poppe drew comparisons between current altcoin valuations and the Dotcom bubble of the early 2000s.
“The Altcoin valuation are still substantially low. The total market capitalization is barely $1.5T. The Dot.com bubble was $10-15T,” he stated, predicting a significant surge in altcoin values by 2025.
Optimism for Early 2025
Despite the temporary volatility, market sentiment remained optimistic.
Participants expect Bitcoin to make a substantial move in the first quarter of 2025, signaling continued confidence in its long-term trajectory.
Turkey unveiled new cryptocurrency regulations in late December 2024, drawing inspiration from global advancements, including Europe’s MiCA framework.
According to a Dec. 25 document published in the Official Gazette of the Republic of Turkey, users conducting transactions exceeding 15,000 Turkish lira ($425) will be required to share identifying information with crypto service providers.
The Anti-Money Laundering (AML) regulations aim to prevent illicit fund laundering and terrorism financing through cryptocurrency transactions.
However, crypto providers are not mandated to collect information for transactions below the $425 threshold.
These regulations align with a global push for stricter crypto oversight and precede Europe’s comprehensive Markets in Crypto-Assets (MiCA) framework, which takes effect on Dec. 30.
New Rules Target “Risky” Crypto Transactions
Turkey’s regulations, effective Feb. 25, 2025, also require service providers to verify information from customers using unregistered wallet addresses.
Transfers without sufficient sender information may be flagged as “risky.”
The new law states:
“In case sufficient information cannot be obtained, the issues of not performing the transfer or limiting the transactions made with the financial institution in question or terminating the business relationship will be considered.”
As of September 2023, Turkey ranked as the fourth-largest crypto market globally, with an estimated trading volume of $170 billion, surpassing markets like Russia and Canada, according to Chainalysis.
Crypto Regulations Drive Activity in Turkey
In 2024, Turkish crypto firms ramped up activity, with 47 license applications submitted to the Turkish Capital Markets Board (CMB) by August.
This followed the July implementation of the “Law on Amendments to the Capital Markets Law,” which established a regulatory framework for crypto service providers.
While individuals can buy, hold, and trade crypto in Turkey, using it for payments has been banned since 2021.
Turkey is also considering a 0.03% transaction tax to support its national budget.
Bitcoin has gained 6.5% since its Dec. 23 low of $92,458 but failed to break the $98,000 resistance level.
This recovery follows a sharp 14.5% correction from its $108,275 all-time high on Dec. 17.
Despite the recent volatility, Bitcoin derivatives maintained a neutral-to-bullish stance, supporting the potential for a rally above $105,000.
Derivatives Signal Market Optimism
Bitcoin futures monthly contracts are trading at a 12% premium over spot prices, signaling strong demand for leveraged long positions.
Premiums between 5% and 10% are considered neutral, making the current level robust.
Additionally, Bitcoin put (sell) options are at a 2% discount compared to call (buy) options.
When significant corrections are expected, this indicator typically exceeds 6%, showing a preference for puts.
Traditional Market Recovery Boosts Bitcoin
Traditional financial markets also supported Bitcoin’s recent rise above $98,000.
The S&P 500 index erased its monthly losses on Dec. 24, and the US 10-year Treasury yield climbed to 4.59%, up from 4.23% two weeks earlier.
Higher Treasury yields often reflect inflation expectations, making scarce assets like Bitcoin more attractive during economic uncertainty.
Economic Concerns and Stagnation Fears
Bitcoin’s correlation with the S&P 500 index remains high at 64%, tying its performance to broader economic trends.
The US Federal Reserve has reduced its 2025 interest rate-cut projections from four to two, lowering the immediate risks to corporate earnings and real estate markets.
Margin and Derivatives Markets Stay Bullish
On OKX, the Bitcoin long-to-short margin ratio is at 25x in favor of longs.
Excessive confidence typically pushes this ratio above 40x, while bearish sentiment sees it drop below 5x.
Despite record outflows from BlackRock’s iShares Bitcoin Trust ETF on Dec. 24, Bitcoin’s resilience at $92,458 reinforces optimism about reaching $105,000 and beyond.
Russia is actively experimenting with digital financial assets (DFAs) in foreign trade, as per its new legislation, a senior government official revealed.
Russian Finance Minister Anton Siluanov spoke about alternatives to the US dollar for international trade during an interview on Russia-24 on Dec. 25.
Siluanov highlighted that the government has authorized foreign trade transactions using DFAs and Bitcoin, adding that such methods are already in practice and set for expansion.
“We Can Use Mined Bitcoin”
Siluanov emphasized that adopting DFAs in foreign trade is a logical step under current circumstances, enabling the use of modern infrastructure.
He described this approach as an innovation in global settlement systems, stating, “That is the future.”
Russia is leveraging its experimental legal framework, effective since September 2024, to integrate DFAs — including Bitcoin — into international trade.
Siluanov explained, “We can pay for the delivery of goods with digital financial assets. It is also possible to use Bitcoin, which we mined here in the Russian Federation, within the experimental regime.”
Russia Legalizes Mining and Scales DFA Use
The minister noted that Russia legalized Bitcoin mining earlier in 2024, paving the way for such transactions.
He added, “We say that they need to be developed and expanded, and I am sure that next year, it will be a reality.”
Siluanov Cautions Against Crypto Investment Amid Bitcoin Highs
While advocating for DFA use in trade, Siluanov has warned against viewing cryptocurrency as an investment vehicle.
In a speech on Nov. 6, he stated, “Some people see cryptocurrency as a source of quick money. I don’t recommend it as a means of investment.”
His remarks underline the dual approach of promoting DFAs in trade while cautioning against speculative risks for individual investors.
Bitcoin (BTC) surpassed the $98,000 mark after the Dec. 24 Wall Street open, with “large spot buyers” driving the rebound in its price action.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching new local highs of $98,020 on Bitstamp.
The cryptocurrency gained over 3% in a day, recovering from earlier in the week when it retested December lows.
Popular X account Exitpump expressed optimism, suggesting that the long-anticipated “Santa rally” may have arrived for crypto.
“BTC Large spot buyers showing up, lfg,” Exitpump posted, accompanied by a chart depicting exchange order-book volumes.
Meanwhile, CoinGlass reported nearly $40 million in BTC short liquidations within the past 24 hours, with the total cross-crypto liquidations reaching $150 million.
Breaking Key Resistance Levels
Analytics account Bitcoindata21 highlighted Bitcoin’s positive momentum, noting progress in flipping key volume-weighted average price (VWAP) resistance levels.
“Nice strength in Bitcoin today,” they wrote, emphasizing the need to surpass the $98.5k VWAP to target all-time highs.
Their chart also illustrated a rebound in the Coinbase premium, signaling increased buying pressure during U.S. trading hours.
Cautious Optimism Amid Risks
While optimism grew among some market watchers, others struck a cautious tone.
Trader and analyst Rekt Capital warned about the risks of further downside.
“Yesterday, Bitcoin showed some signs of a relief rally after which price was rejected to almost new lows. Today, Bitcoin is rebounding yet again and once again into the old support,” Rekt Capital explained.
He added, “As long as the previously lost supports turn into new resistance, additional downside should be expected. Conversely, a reclaim of these previously lost supports would obviously be bullish.”
Corporate Bitcoin investor MicroStrategy continued its aggressive Bitcoin buying spree last week, in line with founder Michael Saylor’s pledge to keep accumulating the cryptocurrency at peak prices.
Between December 16 and 22, MicroStrategy acquired 5,262 BTC, investing approximately $561 million, the company announced on December 23.
The firm purchased Bitcoin at an average price of roughly $106,662 per BTC, marking the highest cost it has ever paid for the cryptocurrency.
As of December 22, 2024, MicroStrategy and its subsidiaries held a total of 444,262 BTC, acquired for a cumulative $27.7 billion at an average price of $62,257 per BTC.
The latest purchase is part of a December buying spree, during which the company accumulated 42,162 BTC now valued at $4 billion.
However, the latest acquisition accounts for only about 12% of the company’s total December purchases and represents the smallest amount of BTC bought since mid-2024, when it acquired 169 BTC.
MicroStrategy’s latest Bitcoin purchase is 191% smaller than the acquisition announced on December 16 and 309% smaller than the one disclosed on December 9.
The slowdown in BTC buying coincides with concerns raised by BitMEX co-founder Arthur Hayes about a potential market drop tied to the inauguration of U.S. President-elect Donald Trump.
Hayes’ fund, Maelstrom, plans to clear some positions and re-enter the market later at lower prices.
Additionally, rumors suggest MicroStrategy may enter a blackout period in January 2025, halting its issuance of shares and convertible bonds to fund further Bitcoin purchases.
Despite market uncertainties, Saylor remains committed to Bitcoin.
“I’m sure that I will be buying Bitcoin at $1 million a coin — probably $1 billion dollars a day of Bitcoin at $1 million a coin,” Saylor said in early December.
Bitcoin’s price fell below $94,000 on December 23 as the Wall Street open brought little relief for bulls seeking recovery from recent declines.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing 1.2% on the day, extending its downtrend.
Over the weekend, Bitcoin briefly spiked to $99,500 before being pushed down by sellers, bringing its drawdown from last week’s all-time highs to 15%.
Short-term price performance has raised concerns among analysts.
The popular X analytics account Bitcoindata21 highlighted bearish signals, noting, “Underside retests and rejections of VWAPs are NOT what you want to see for bullish price action.”
Their analysis pointed to a likely retest of $92,000, with a more significant buying opportunity at $85,000–$86,000, described as the “back up the truck” zone for bulls.
Similarly, the trader CrypNuevo predicted further price drops before a market rebound, targeting levels near $90,000.
“Now, I still think that we could revisit the lows,” CrypNuevo shared in a thread on X, discussing low-timeframe market patterns.
“It’s hard to imagine that we’re going to get a V shape recovery from here. I’m leaning more towards either a W formation or a 100% of the wick fill. Ideally, the 100% wick-fill, since $90k is a strong psychological level.”
Bitcoin’s recent volatility has left market participants questioning the strength of the asset’s support levels, as bearish momentum continues to dominate short-term trends.
Bitcoin advocate Michael Saylor’s MicroStrategy has appointed former Binance.US CEO Brian Brooks, along with two other executives, to its board of directors.
This announcement follows Nasdaq’s recent decision to include MicroStrategy in the Nasdaq-100 index.
Brooks, Jane Dietze — who also serves on Galaxy Digital’s board — and Gregg Winiarski, chief legal officer at Fanatics Holdings, join the board, increasing its total membership to nine, according to a Dec. 20 filing with the United States Securities and Exchange Commission (SEC).
Swan Bitcoin: Brooks’ Appointment a “BIG Deal”
The three new board members will be eligible for equity awards, per the statement.
Swan Bitcoin highlighted the significance of Brooks’ appointment in a Dec. 21 X post, calling it a “BIG deal.”
“As Comptroller, Brooks oversaw the entire US banking system and is deeply connected,” the company said.
Brooks, who stepped down as CEO of Binance.US in August 2021 after citing “differences over strategic direction,” also served as Acting Comptroller of the Currency for nine months in 2021.
Crypto commentator MacroScope shared with their 77,200 X followers, “all three are good especially Brooks.”
MicroStrategy Joins Nasdaq-100
This announcement coincides with MicroStrategy’s inclusion in the Nasdaq-100 Index, effective Dec. 23.
On Dec. 13, Nasdaq confirmed that MicroStrategy (MSTR), Palantir Technologies Inc. (PLTR), and Axon Enterprise, Inc. (AXON) would be added to the index.
Illumina, Inc. (ILMN), Super Micro Computer, Inc. (SMCI), and Moderna, Inc. (MRNA) will be removed.
MicroStrategy’s inclusion marks its position among the Nasdaq’s 100 largest companies by market capitalization, underscoring its transformation from a software firm into a de facto Bitcoin hedge fund since 2020.
Bitcoin advocate Michael Saylor’s MicroStrategy has appointed former Binance.US CEO Brian Brooks, along with two other executives, to its board of directors.
This announcement follows Nasdaq’s recent decision to include MicroStrategy in the Nasdaq-100 index.
Brooks, Jane Dietze — who also serves on Galaxy Digital’s board — and Gregg Winiarski, chief legal officer at Fanatics Holdings, join the board, increasing its total membership to nine, according to a Dec. 20 filing with the United States Securities and Exchange Commission (SEC).
Swan Bitcoin: Brooks’ Appointment a “BIG Deal”
The three new board members will be eligible for equity awards, per the statement.
Swan Bitcoin highlighted the significance of Brooks’ appointment in a Dec. 21 X post, calling it a “BIG deal.”
“As Comptroller, Brooks oversaw the entire US banking system and is deeply connected,” the company said.
Brooks, who stepped down as CEO of Binance.US in August 2021 after citing “differences over strategic direction,” also served as Acting Comptroller of the Currency for nine months in 2021.
Crypto commentator MacroScope shared with their 77,200 X followers, “all three are good especially Brooks.”
MicroStrategy Joins Nasdaq-100
This announcement coincides with MicroStrategy’s inclusion in the Nasdaq-100 Index, effective Dec. 23.
On Dec. 13, Nasdaq confirmed that MicroStrategy (MSTR), Palantir Technologies Inc. (PLTR), and Axon Enterprise, Inc. (AXON) would be added to the index.
Illumina, Inc. (ILMN), Super Micro Computer, Inc. (SMCI), and Moderna, Inc. (MRNA) will be removed.
MicroStrategy’s inclusion marks its position among the Nasdaq’s 100 largest companies by market capitalization, underscoring its transformation from a software firm into a de facto Bitcoin hedge fund since 2020.
Bitcoin (BTC) approached the $100,000 milestone on Dec. 21, following a dramatic price rebound that delivered significant upside momentum.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD surging by $7,000 in under 24 hours.
After dipping near December lows of $92,000 and liquidating leveraged long positions, Bitcoin rallied as the weekend began.
It reached $99,500 on Bitstamp, with bulls pushing for six-figure territory despite the absence of institutional trading activity.
Coinbase saw a resurgence of buying pressure, reversing earlier sell-side activity.
“Coinbase buying a lot since lows,” noted trader Exitpump on X, contrasting the buying volumes on Coinbase with those on Binance.
Another trader, Superbro, highlighted that Bitcoin’s 50-day simple moving average (SMA) acted as a robust support level.
On shorter timeframes, Superbro observed a potential breakout pattern forming in the shape of an inverse head and shoulders, a bullish indicator for both short- and long-term trends.
Meanwhile, trading account Doctor Magic drew attention to Bitcoin’s relative strength index (RSI), describing recent movements as a potential “scam” breakdown.
“There is a reason I am obsessed about this RSI scam breakdown that I have been posting for a while now; it happened in every major leg up until the first local top,” he explained, referencing past price correlations.
At the time of writing, Bitcoin’s daily RSI stood at 52, maintaining its position above the critical midpoint of 50.
During bull markets, Bitcoin’s RSI often remains above the overbought threshold of 70 for extended periods.
While Bitcoin’s resurgence neared $100,000, it came too late for U.S. spot Bitcoin exchange-traded fund (ETF) investors.
On Dec. 20, ETFs experienced net outflows of nearly $300 million, with the iShares Bitcoin Trust (IBIT) recording its largest single-day outflow of $72.7 million.