Bitcoin Defies Bad News with $65K Rally Amid Absorption of $2B in Coins
Bitcoin has shown unusual resilience in the face of bad news, climbing above $65,000 this week despite major setbacks. The cryptocurrency rose about 2% over the past 24 hours to as high as $65,212, its strongest level since late July, according to CryptoSlate data.
The move coincided with $191.6 million in crypto liquidations across more than 80,000 traders, CoinGlass data showed, including a $1.66 million BTC position on Hyperliquid. Investors have been digesting a major hardware-wallet security breach and another delay to the landmark CLARITY Act legislation.
Andre Dragosch, head of research at Bitwise Europe, noted that Bitcoin's muted reaction to negative developments has pushed its sensitivity to bad news close to historical lows, indicating that much of the market's readily available supply has already been sold.