Crypto market brightens after selloff that sent bitcoin to lowest since October 2024
The crypto market rebounded after a severe selloff pushed Bitcoin to its lowest level since October 2024, liquidating over $2.6 billion in leveraged bets.Summary
The cryptocurrency market showed signs of brightening after a brutal selloff drove Bitcoin down to $60,000, its lowest point since October 2024, and triggered one of the most oversold readings in its history, often preceding sharp bounces. This crash resulted in the liquidation of over $2.6 billion in leveraged futures positions within 24 hours, predominantly long bets, as key support near $70,000 failed. While Bitcoin recovered to above $65,000 and Ether bounced from its lows, the broader market remains bearish, with many altcoins and DeFi tokens experiencing significant losses. Derivatives positioning reflected this fear, as open interest declined across major tokens, perpetual funding rates turned negative, and implied volatility for Bitcoin surged. Despite the overall downturn, some tokens like Decred (DCR) and HyperLiquid (HYPE) showed relative strength, though investor sentiment, as indicated by CoinMarketCap's "altcoin season" indicator, suggests a rotation toward safer assets like Bitcoin and stablecoins.
(Source：CoinDesk)