Crypto
Bitcoin Slumps to Six-Week Low as Macro Jitters Take Hold
The price of Bitcoin fell to a six-week low on Thursday, dropping below $73,000 as macroeconomic jitters and exchange-traded fund outflows weighed on the cryptocurrency market.
According to The Kobeissi Letter, over $230 million in leveraged Bitcoin long positions were liquidated in just 60 minutes. On-chain analytics firm Glassnode noted that Bitcoin has retreated from the low-$80,000 region back toward the mid-$70,000 range due to fading spot demand and ETF inflows.
In a statement that may have been intended as support for the market, U.S. President Donald Trump declared America 'the CRYPTO CAPITAL of the WORLD' in a post on Truth Social. However, his words seemed to have little impact on the price of Bitcoin, which continued to decline.