Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
plunged below $66,000 after having challenged the $71,000 level just hours earlier. At press time, bitcoin had bounced back to $66,700, down more than 5% over the past 24 hours.
The drawdown triggered the largest leverage washout in a month, liquidating some $850 million of leveraged derivatives trading positions across all digital assets, The dip occurred as stock markets sank during the U.S trading session amid rising fears of broadening conflict in the Middle East, as U.S. authoritiesTreasury bonds and the U.S. dollar index surged as traders flocked to hedges, while key U.S. equity indices the S&P500 and Nasdaq 100 slipped 1.7% an hour ahead of the close of the trading session. Gold, long considered as a haven asset, surged past $2,400 to a new all-time high before paring its gains, while oil ticked 1% higher.
Digital asset investment firm Ryze Labs, formerly Sino Global Capital, said in a Friday commentary to anticipate some"short-term market softness" for crypto assets due to the upcoming tax season. However, it maintained a more constructive long-term outlook, expecting relief for the asset class as policymakers will slow quantitative tightening and potentially adjust monetary policy to facilitate U.S. government debt rollovers.
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