Bitcoin Reverses Course Amid Global Market Turmoil
Bitcoin's relief rally came to an abrupt end on Monday after reaching a multi-day high of $65,600. Within hours, sellers pushed BTC down nearly $3,000 to around $63,000, its lowest level in 10 days.
The speed of the decline left traders reeling as they confronted how quickly optimism can disappear when liquidity remains fragile across crypto markets.
External shocks, particularly South Korea's Kospi plummeting about 11%, weakened risk appetite before the Federal Reserve decision. The U.S. Senate also postponed consideration of the Crypto Clarity Act to prioritize Russia sanctions legislation and federal nominations.
The selloff erased roughly $80 billion from the total cryptocurrency market in one day, with altcoins absorbing even heavier losses. Ether fell below $1,900 after reaching a two-month peak near $1,980 a day earlier.