Bitcoin’s volatile nature was on full display on Dec. 5, as the cryptocurrency experienced both triumph and turbulence. Shortly after celebrating a historic milestone by crossing $100,000 for the first time, Bitcoin suffered a sharp price drop of 5.47% within minutes, briefly dipping below $93,000. The sudden decline erased over $300 million in long positions, prompting heated reactions from traders and analysts alike. Meanwhile, financial commentary outlet FT Alphaville stirred controversy with a sarcastic “apology” to Bitcoin proponents, reigniting debates about the cryptocurrency’s resilience and the media’s long-standing skepticism.
FT Alphaville Slammed for Spiteful "Apology" as Bitcoin Hits $100K Milestone
Bitcoin's rise to an all-time high above $100,000 on Dec. 5 has ignited celebrations across the crypto community while sparking controversy elsewhere. Among the voices making headlines is FT Alphaville, a daily commentary service by the Financial Times, which issued what many have dubbed a "spiteful apology" to Bitcoin supporters. The op-ed, published on the day of Bitcoin's milestone achievement, has triggered widespread backlash on X.
In a piece authored by Bryce Elder, city editor of FT Alphaville’s op-ed section, the outlet extended a biting "apology" to those who may have refrained from investing in Bitcoin based on its coverage. The article took a sarcastic tone, stating: “We’re sorry if at any moment in the past 14 years you chose based on our coverage not to buy a thing whose number has gone up. It’s nice when your number goes up.”
Elder further defended the outlet's critical stance on Bitcoin over the years, dismissing claims that its skepticism was rooted in support for traditional finance (tradfi).
“We’re sorry if you misunderstood our crypto cynicism to be a declaration of support for tradfi, because we hate that too.”
The op-ed reiterated Alphaville's long-standing criticisms of Bitcoin, labeling it a "negative-sum game," "chronically inefficient," and a "compromised" store of value. Elder doubled down on the publication's past analyses, claiming that Bitcoin’s price remains an “arbitrary hype gauge disconnected from any utility.”
The reaction from the crypto community on X was swift and unforgiving. Many dismissed the piece as a "Cope-Pology" or a "faux apology," accusing FT Alphaville of lacking humility despite years of misplaced skepticism.
One commenter remarked, "Imagine being so wrong and still having this lack of humility," reflecting the sentiment of many Bitcoin proponents who felt vindicated by the cryptocurrency's historic price milestone.
Others highlighted the irony of the apology, calling it an admission of failure masked in sarcasm.
FT Alphaville's critical stance on Bitcoin is nothing new. Since its first article on Bitcoin in June 2011—when the cryptocurrency was trading at $15.90—the publication has consistently framed Bitcoin as a speculative bubble. Over the years, its writers have targeted every aspect of Bitcoin, from its price to its pseudonymous creator, Satoshi Nakamoto.
In 2014, Mark Williams, a former Federal Reserve risk examiner, likened Satoshi to a "reckless" doctor prescribing penicillin without diagnosis. Williams argued that Bitcoin’s fixed supply schedule ignored the natural ebbs and flows of economic cycles, calling it a "poorly designed" experiment destined for failure.
Despite such criticisms, Bitcoin's meteoric rise from niche internet experiment to a globally recognized asset has made it one of the most debated topics in financial media.
Bitcoin's Critics Stand Firm
Even as Bitcoin crosses the $100,000 threshold, it still faces staunch criticism from prominent figures in traditional finance. Legendary investor Warren Buffett has repeatedly dismissed Bitcoin as “rat poison squared,” while JPMorgan CEO Jamie Dimon has referred to it as a “fraud” in the past. Meanwhile, financial commentator Peter Schiff has consistently predicted Bitcoin's collapse, often mocking its supporters.
These critics now find themselves in the spotlight for their erroneous predictions. In November 2019, many publicly claimed Bitcoin would never hit $100,000—a claim that Bitcoin’s historic rally has decisively debunked.
Bitcoin's price surge has also shifted how the media covers the cryptocurrency. While earlier narratives largely framed Bitcoin as a speculative bubble or scam, recent coverage has begun to recognize its resilience and adoption by institutions. As noted by Bitcoin proponents, the media's evolving perception mirrors broader societal acceptance of cryptocurrencies as a legitimate asset class.
The controversy surrounding FT Alphaville’s “apology” shows the tension between traditional financial media and the burgeoning crypto space. While Bitcoin’s rise to $100,000 marks a significant milestone, it also highlights a growing divide in how the asset is perceived. Whether the op-ed was a genuine apology or a sarcastic jab, one thing remains clear: Bitcoin’s story is far from over, and its critics will continue to grapple with its ever-changing narrative.
Bitcoin's Sudden Price Plunge Wipes Out $300M in Long Positions, Shaking the Market
A sharp and unexpected drop in Bitcoin's price sent shockwaves through the cryptocurrency market on Dec. 5, liquidating over $300 million in long positions within minutes. The dramatic 5.47% decline briefly pushed Bitcoin below $93,000 before it rebounded, leaving traders and analysts speculating on the implications for the broader market.
Between 10:23 am and 10:28 am UTC, Bitcoin fell from $98,338 to $92,957, a rapid decline that erased nearly 10% of its market value in just 180 seconds. The sudden movement caused significant liquidations, with data from CoinGlass revealing $303.48 million in long positions wiped out within the hour.
While Bitcoin's price has since rebounded to $96,410, the brief dip below $93,000 has left many traders reeling. The event places the spotlight on the inherent volatility in the cryptocurrency market, even as Bitcoin recently celebrated its historic breach of the $100,000 price level.
Traders Weigh In
Felix Hartmann, founder of Hartmann Capital, provided an optimistic take, suggesting the sharp correction may have cleared excessive leverage in the market.
“That wipe cleared out most of the lever on BTC. Only reason we go lower is if it spooked enough people into taking profit,” Hartmann commented on X, estimating a 70% chance that the market flush has ended.
Pseudonymous crypto trader Smiley Capital highlighted the unprecedented nature of the event, calling it historic: “It took Bitcoin 3 minutes to drop ~10%, which equals ~200B drop. 180 seconds. 200 billion dollars lower,” Smiley Capital noted in a post on X.
While the abrupt decline may signal a momentary setback, analysts believe it could indicate a period of consolidation rather than the end of Bitcoin's bull run. Tony Sycamore, a market analyst at IG, suggested Bitcoin might enter a short-term plateau.
“While we don’t see this as the end of the Bitcoin bull run, it does signal we are entering a consolidation phase in the days/weeks ahead,” Sycamore wrote on X.
The last major consolidation phase occurred between March and October of this year, when Bitcoin traded between $53,000 and $72,000 following its then-all-time high of $73,679. If history repeats itself, the market could stabilize within a similar range before resuming its upward trajectory.
Bitcoin’s rapid rise to $100,000, culminating in a new all-time high of $104,000 on Dec. 4, has been fueled by strong institutional demand and tightening supply. The year saw over $31 billion in net inflows into spot Bitcoin exchange-traded funds (ETFs) in the United States, combined with reduced Bitcoin issuance following April's halving event.
Despite the bullish backdrop, such rapid price increases are often accompanied by heightened volatility. Analysts suggest the market’s reaction to the Dec. 5 plunge will offer insights into its resilience and potential for further growth.
Bitcoin's ability to recover quickly from the sudden drop may reaffirm its growing maturity as an asset class. However, the event serves as a reminder of the market’s susceptibility to extreme volatility, especially in times of heightened leverage and speculative trading.
While the near-term outlook may involve consolidation, the broader picture remains one of optimism. Many analysts continue to predict higher price targets for Bitcoin, with some forecasting a potential climb to $124,000 or beyond by the end of the year.
