The Daily: ‘Bears in control’ as bitcoin drops toward $65K, Binance denies issuing cease-and-desist letter over insolvency claims, and more
Bitcoin fell below $69K, erasing 2021 gains amid forced selling, while Binance denied issuing a cease-and-desist letter over insolvency rumors.Summary
The crypto market is currently controlled by bears, with onchain indicators suggesting forced selling and fading institutional support, causing Bitcoin to drop below $69,000, thereby erasing all gains since its prior 2021 all-time high. This decline was amplified by over $1 billion in long-side liquidations in derivatives markets, and analysts warn that without renewed spot buying, rallies are likely just corrections. Separately, Binance publicly denied issuing a cease-and-desist letter regarding insolvency claims, labeling the circulating document a forgery amid ongoing rumors. Furthermore, U.S. spot Bitcoin ETFs experienced another $545 million in net outflows, extending year-to-date withdrawals, though total inflows since launch remain substantial. Other news includes a House probe into World Liberty Financial over a $500 million UAE deal and Vitalik Buterin criticizing the need for more copy-paste EVM chains.
(Source：The Block)