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As 2024 winds up, the largest cryptocurrency, Bitcoin (BTC), plunged below $92,000 with a 2.67% drop as the fear of hyper-liquidation rumors sparked in the community. At the time of writing, BTC is trading around $91,814, according to the CoinMarketCap.
Some crypto analysts speculated a further drop in the cryptocurrency, saying it could slip below $91,000 due to a huge dump linked to its negative correlation with the USDT Dominance Index.
Amid the dip in BTC’s price, MicroStrategy’s CEO, Michael Saylor, announced the acquisition of 2,138 BTC for approximately $209 million at $97,837 per Bitcoin, accumulating 446,400 Bitcoins in total. The cryptocurrency’s meteoric rally to a new all-time high of $108,000 came to an end as the price retraced sharply, dropping below $93,000.
Is Bitcoin Truly Decentralized?
The pullback comes amid growing speculation about the driving forces behind Bitcoin’s unprecedented rise.
In a bold statement, the crypto analyst, Sisyphus suggested that BTC’s current momentum might have been heavily influenced by MicroStrategy’s CEO, Michael Saylor, and his aggressive Bitcoin acquisition strategy.
If I didn’t know for sure that we were in a secular bull market, it would almost look like Saylor was singlehandedly pushing BTC price up since his buy program started 10/30, and now that his buy sizes are reduced we need someone else to keep the ponzi going
Hyperliquid
— Sisyphus (@0xSisyphus) December 30, 2024
However, with reduced buying activity from Saylor’s side, he raised concerns about the sustainability of the rally.
Some intellectuals are now debating whether BTC’s intense rally is a sign of a “secular bull market” or a symptom of over-reliance on institutional players to drive demand.
Recently, big institutions have started growing their BTC holdings after Donald Trump’s remarkable victory in the presidential election of 2024. However, the large dominance of institutional players sparked the debate about the cryptocurrency’s decentralized nature.
Another crypto expert said: “Cryptocurrencies like Bitcoin aren’t truly decentralized—they’re just centralized by different entities.”
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