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Santa Claus Pump May Begin Despite Cryptocurrency Crash

Santa Claus Pump May Begin Despite Cryptocurrency Crash

HappyCoinNewsHappyCoinNews2024/12/20 10:34
By:HappyCoinNews

Swyftx lead analyst Pav Gundal continues to believe in a Christmas bull run despite the recent crash in many cryptocurrencies.

On December 19th, suddenly fell price of bitcoin, ethereum, XRP ( XRP ), BNB (BNB) and many other leading digital assets by market capitalization. As a result of the bearish trend, open positions worth over $1 billion were liquidated, with longs accounting for $856,7 million.

Santa Claus Pump May Begin Despite Cryptocurrency Crash image 0

The amount of closed positions as a result of the fall in the cryptocurrency rate

The bullish narrative has been so strong over the past month that market participants have been completely unprepared for the bad news. The Christmas bull rally has not started as we had hoped. It seems that short-term melancholy has set in, said Gundal.

Pav did not say why traders were sad. It can be assumed that the reason for the emergence of a despondent mood was the statement by the Chairman of the US Federal Reserve System Jerome Powell, expelled the possibility of buying bitcoins with budget funds. The reduction of the key rate by 0,25% to 4,25-4,5% by the US government could also have a negative impact on the cryptocurrency market.

However, Gundal remains optimistic that the Santa Claus pump could start closer to Christmas on December 25. His positive forecast is based on the belief that the digital asset market will attract capital ahead of Donald Trump's inauguration on January 20, 2025.

EN @happycoinnews
EN @happycoinnews_en
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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