On Dec 12 2023, the cryptocurrency market saw a decline, with Bitcoin and Ethereum experiencing price drops.

Bitcoin fell from around $44,000 to just under $41,000, causing over $400 million in liquidated positions.

The decline is attributed to market correction and deleveraging, with signs of extreme greed in the cryptocurrency market.

Optimism persists due to anticipated approval of the first spot Bitcoin ETF and the potential of a Bitcoin 'supercycle'.

Switzerland's Lugano and El Salvador are embracing cryptocurrencies for tax payments and citizenship-by-investment plans.

The price drop has helped normalize the crypto perpetual futures market and funding rates, signalling a decrease in overleveraged traders.

Analysts warn of possible further correction due to market overconfidence and high funding rates.

Despite the price drop, Bitcoin remains above the key psychological level of $40,000, suggesting the downturn might be temporary.

There is expectation the cryptocurrency prices might rally to new highs by the end of the year.