Bitcoin has fallen below the $70,000 mark for the first time since November 2024. As of the latest update, the price was $69,504.7 per coin, representing a decline of 8.76%.
The broader cryptocurrency market is also experiencing a downturn. At the time of writing, Ethereum and Dogecoin have both dropped by more than 7%, while BNB has fallen over 8%. SUI has seen a decrease exceeding 9%, and XRP has plunged more than 13%.
According to data from Coinglass, the past 24 hours have witnessed over 200,000 traders being liquidated in the cryptocurrency market. The total value of these liquidations amounts to $951 million. Of this, long position liquidations accounted for $790 million, and short position liquidations totaled $160 million.
On the news front, US Treasury Secretary Besant recently stated that while the US government will retain the Bitcoin acquired through asset forfeiture, it will not direct private banks to increase their Bitcoin holdings during a market downturn and lacks the authority to "bail out Bitcoin."
Currently, market sentiment towards investments in Bitcoin and other cryptocurrencies is turning pessimistic. Prominent investor Michael Burry commented that Bitcoin has fallen 40% since its peak last October, revealing its nature as a purely speculative asset that has failed to act as a hedge against currency devaluation like precious metals. He warned that if Bitcoin's price continues to fall, it could potentially "trigger a death spiral, leading to a massive collapse in value."
Carmelo Alemán, a trader and analyst at crypto analytics firm CryptoQuant, stated plainly that Bitcoin has entered a bear market. He indicated that both the spot and futures trading markets for Bitcoin are in a "capitulation" phase, where the majority of market participants are expected to incur losses.
