- Bitcoin sharply fell 4.6% from $67,600 to $64,435 during early Asian trading on Monday, triggering over $500 million in market liquidations.
- Analysts link the selloff to macro factors like U.S. tariff policy uncertainty, sticky inflation, and geopolitical risks, not a crypto-specific event.
- Bitcoin and Ethereum positions accounted for nearly 70% of the total liquidations, highlighting their market dominance.
- Market sentiment has soured, with predictors on Myriad cutting the chance of a Bitcoin rally to $84,000 from 46% to 37%.
Bitcoin’s price crashed early Monday in Asia, shedding over $3,000 in two hours and liquidating more than $500 million in leveraged positions across the market. This swift decline from $67,600 to $64,435 underscored crypto’s continued volatility.
The downturn was “driven by policy uncertainty stemming from fluctuations in U.S. tariff policy, compounded by rising geopolitical risks,” according to HashKey Group senior researcher Tim Sun. He emphasized that crypto assets remain anchored at the far end of the risk curve, causing them to drop as broader risk appetite contracted.
Consequently, Bitcoin and Ethereum positions accounted for the vast majority of the carnage, data from CoinGlass shows. Meanwhile, traders grew pessimistic about near-term rate cuts, with the FedWatch tool showing a 96% chance rates hold steady.
This macro pressure has significantly dampened market sentiment. Predictors now assign just a 21% chance of a large Fed cut before July, down from 40% earlier in the month. Sun noted that without a stabilization in traditional risk assets like stocks, crypto is unlikely to mount an independent recovery.
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