Bitcoin price dip triggers $303 million selloff before rebounding near record-high

Crypto traders had quite the rollercoaster ride over the past couple of days. On Thursday, Bitcoin soared to a record high of over $103,000, bringing joy to investors everywhere. However, as the day progressed, the price cooled off. Between 10:23 am UTC and 10:28 am UTC, the price took a sharp nosedive from $98,338 to $92,957, resulting in the liquidation of over $303.5 million in long positions within the hour, according to a Cointelegraph analysis of CoinGlass data.

“It took Bitcoin 3 minutes to drop ~10% which equals to ~200B drop in 180 seconds,” shared pseudonymous trader Smiley Capital during the turbulent market movements. “200 Billion dollars lower. 5th December truly goes down in history.”

But, as the saying goes, what goes down must come up! Later in the day, the price of Bitcoin began climbing again, and by Friday morning, it had once again surpassed the $101,000 mark, bringing a sense of relief to investors.

Observers attribute these historic price milestones for Bitcoin to the crypto community’s excitement about the incoming Trump administration. Donald Trump has made bold promises to position the U.S. as the “Bitcoin superpower of the world,” create a strategic crypto reserve, and revamp regulations to be more crypto-friendly.

Maria Carola, the CEO of the cryptocurrency exchange StealthEX, believes that under the Trump administration, we can expect major changes in crypto regulation, including a more favorable stance from the SEC, which tightened its grip during Joe Biden’s term. With Trump’s support measures like replacing SEC head Gary Gensler, establishing a bitcoin reserve, and aiming to make the U.S. a ‘crypto superpower’, many anticipate further market growth in the coming months.

This optimistic market trend has led some analysts to predict even higher highs for Bitcoin in the near future. Bernstein analyst Gautam Chhugani, for example, foresees Bitcoin hitting a cycle-high of $200,000 by late 2025.

So, despite the recent volatility, it seems like the Bitcoin rollercoaster is on its way back up, with plenty of highs to look forward to in the future. Stay tuned for more exciting developments in the world of cryptocurrency!