According to the real-time information, Bitcoin's rally in 2023 experienced a brief drop of 7.5% towards $40,000. The crypto holding 52.4% of the market saw its biggest intraday decline since August 18th. However, it managed to recover some of its losses and was trading 3.3% lower at the time of this text being written. This drop most likely happened because traders decided to secure their profits after experiencing a big pump of over 150% this year. As a result, this led to the liquidation of bullish bets on a large scale.
As we all know, Bitcoin has experienced a significant surge this year. This surge is mostly attributed to the expectations that regulators will approve the first US exchange-traded funds (ETFs) in the start of next year. This approval is expected to expand the potential base of crypto investors. Additionally, the rally has been fueled by bets that the Federal Reserve will cut interest rates in 2024. These factors have contributed to Bitcoin's impressive performance in the market. Bitcoin's current price is significantly lower than its pandemic-era record of nearly $69,000, which was set just over two years ago.
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