Bitcoin is trading below $75,000 on Monday, and the crypto market is feeling it. The move triggered over $1 billion in liquidations as mounting macroeconomic pressures weighed on the largest cryptocurrency.
The numbers behind the pain
- Coinglass data shows 167,386 traders were liquidated in the past 24 hours for $1.2 billion.
- SoSoValue data shows net outflows of $411.9 million from spot Bitcoin ETFs on Friday. Spot Ethereum ETFs saw net outflows of $93.2 million.
- In the past 24 hours, top losers include Rain, Pearl and Pi Network.
What else is moving
- MSTR Drops 3% Despite Strategy's Biggest Bitcoin Buy in 6 Weeks
- Bitmine Adds 9,587 ETH as Tom Lee Hails 'Seismic Shift' for Ethereum
- Coinbase Joins Circle, Ripple With Federal Trust Charter
- Bitcoin Loses Crucial Trendline: What BTC Did the Last Time This Happened
- Bitcoin Drops Below $75,000: What the Data Says Could Come Next
- Bitcoin, Monero Remain the Best Coins for Market in 'Despair,' Analyst Argues
- XRP Drops to $1.08: Can It Bounce Back From Oversold Conditions?
Where traders see this going
Bitcoin is holding near $74,000-$75,000 despite the Binance hack, Democratic midterm sweep and tech sell-off, as analysts in an interview with Scott Melker debate whether the market has bottomed.
Bloomberg's Mike McGlone remains bearish, warning that rising Fed rate hike expectations, weakening equities and commodity liquidations could trigger further crypto losses. He sees Bitcoin as a leading indicator of broader market weakness and favors U.S. Treasuries over risk assets.
Milk Road CEO and analyst Kyle Reidhead expects Bitcoin could dip into the low $70,000s before recovering, arguing that its resilience signals selling pressure is nearing exhaustion. He sees lower oil prices, easing geopolitical tensions and growing adoption of tokenization, stablecoins and DeFi as potential catalysts for a new crypto bull market.
