Bitcoin price reverses gains on New Year’s Eve

Bitcoin and other cryptocurrencies market turned lower Friday afternoon, erasing intraday gains to cap off a highly successful year on a weaker note. 

The BTC price fell below $46,000 Friday and was last seen hovering below that level, according to data from TradingView. The flagship cryptocurrency is down over 5% from its intraday peak and 2.9% on the day to trade at $45,933.

Altcoins faced a similar downward trajectory as Bitcoin, with the likes of Ether (ETH), Binance Coin (BNB) and Solana (SOL) each falling more than 2%. Cardano’s ADA declined over 4% on the day.

The combined market capitalization of all cryptocurrencies shed over $100 billion from its intraday peak, falling from a high of $2.4 trillion to $2.27 trillion, according to TheCoinInfo.

The sudden reversal followed a modest relief rally for BTC and other cryptos that took place early Friday. Bitcoin’s price appreciated by more than $1,500 in less than an hour — a rally that may have been aided by a December options expiry event worth roughly $6 billion.


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