Bitcoin Slips Below $64K, Triggers $87M in Liquidations
Bitcoin's price slipped below $64,000 on Friday, triggering a wave of liquidations that wiped out over $87 million in long and short positions. The dip was brief, with BTC climbing back above $64,000 after a relief rally.
The reversal came as global crude oil prices retreated, with Brent crude dropping below $100 a barrel. Despite this, the decline had little impact on Bitcoin's market capitalization, which fell from $1.3 trillion to $1.285 trillion, dragging the broader crypto market cap down to approximately $2.28 trillion.
The CLARITY Act, a bill aimed at regulating digital assets, received a boost as the National Fraternal Order of Police dropped its opposition, citing improved safeguards in the revised proposal. However, experts warn that energy inflation risks and shifting Federal Reserve interest rate expectations will continue to drive volatility in the crypto market.
According to Dean Chen, an analyst at Bitunix, 'The key level now being monitored is around 5.25% on the 30-year Treasury yield.' A sustained move above this level could create additional pressure on equity valuations and broader financial conditions.