While Bitcoin saw a sharp decline, leveraged positions worth 2.6 billion dollars were liquidated over the past 24 hours, marking one of the heaviest post FTX liquidation waves in the market.
Bitcoin fell more than 10 percent in the last 24 hours, forming one of its sharpest daily candles since the FTX collapse and reigniting panic across the crypto market.
The sharp pullback in Bitcoin caused a historic loss on Strategy’s balance sheet, while company management argued that the real risk would only emerge in a scenario where Bitcoin drops to 8,000 dollars.
Bitcoin is trading at 64,768 dollars, while Ethereum is trading at 1,895 dollars.
The Fear and Greed Index stands at 5, indicating extreme fear.
Developments to watch during the day:
General Market Data: US non farm payrolls and unemployment rate data will be released.
