“The world’s largest cryptocurrency has shed nearly $10,000 over the past 24 hours, now threatening to take out its recent November low just under $81,000.”, — write: www.coindesk.com
The world’s largest cryptocurrency has now lost nearly $10,000 over the past 24 hours of trading. More than $777 million in crypto debts were liquidated over the past hour, with that sum rising to $1.75 billion over the past 24 hours, according to CoinGlass.
The broader cryptocurrency market likewise saw prices tank by 7% to 9% over the past 24 hours, with ether ETH$2,755.51 hovering around $2,700, BNB BNB$851.08 around $843, and XRP XRP$1.7645 around $1.74.
Read more: Bitcoin holds $84,000 — for now — but analysts warn of drop to $70,000 if support fails
A CoinDesk analysis suggested that bitcoin’s price falling below $85,000 would suggest a further collapse.
At current levels, bitcoin is barely hanging on above its November low, just under $81,000. Beyond that, the next level of support could be the tariff-related April 2025 low of $75,000.
Traders may be reacting to reports that US President Donald Trump will nominate former Federal Reserve Board member Kevin Warsh to replace current Fed Chair Jerome Powell. Trump said late Thursday he would name his nominee on Friday morning, a day after lambasting Powell and the Fed for not choosing to reduce rates.
Polymarket odds on Warsh being the nominee have soared to 87% versus just 37% two hours ago. Prior to the surge in odds for Warsh, BlackRock fixed-income chief Rick Rieder — thought by some to be a more dovish selection — was considered to maybe have the inside track to the nomination.
Warsh was at the White House on Thursday, CNBC reported.
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More than $1.7 billion in leveraged positions were liquidated in 24 hours as bitcoin fell to $81,000, with long bets accounting for nearly all the damage amid macro jitters and Fed chair speculation.
- More than $1.68 billion in leveraged crypto positions were liquidated in 24 hours, with about 267,000 traders forced out of trades.
- Long positions accounted for nearly 93 percent of the wipeout, led by roughly $780 million in bitcoin and $414 million in ether liquidations.
- Analysts say the sell-off was driven less by new bearish sentiment than by overcrowded leverage unwinding, flushing out speculative excess and reducing forced flows in the market.
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