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Bitcoin fell below $41,000 in 20 minutes, reversing nearly a week of gains.

Bitcoin price briefly fell below $41,000 on December 11 at 2:15 am UTC after suddenly falling 6.5% from $43,357 to $40,659 in 20 minutes. At the time of publication, Bitcoin, according to TradingView data, is trading slightly above the local low at $41,960. The drawdown marks Bitcoin’s biggest one-day decline in more than a month, with the asset up more than 12% over the past 30 days. However, since January 1 of this year, Bitcoin has increased by more than 150%. The upward trend was primarily driven by expectations that the US SEC will approve several spot Bitcoin exchange-traded funds (ETFs), allowing large institutions to gain significant exposure to the asset for the first time. Adding to the Bitcoin rally are broad market expectations that the US Federal Reserve will begin cutting interest rates in the middle of next year.

Ether, the second-largest cryptocurrency by market capitalization, also witnessed a sharp decline, falling more than 8.9% over the same period. ETH price has since stabilized and is trading at $2,233, down 5.3% on the day. Other large-cap crypto assets, including Binance Coin (BNB), Ripple (XRP) and Solana (SOL), also posted losses.

The brief drop resulted in more than $270 million in long positions being liquidated, according to CoinGlass. The decline also wiped out about $1.2 billion of open interest in BTC, and it currently stands at about $17.9 billion.

Investors are also preparing for the next round of inflation data, as well as the final FOMC meeting of the year, with most analysts expecting an improvement in core inflation and betting that the Federal Reserve will keep rates where they are now.

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