Bitcoin price news: BTC erases post-election gains during 'sell at any price' rout

Bitcoin fell below $70,000, recovering slightly from a low near $60,000, effectively erasing the gains made after Donald Trump's election in November 2024. This drop was part of a wider market sell-off where the CoinDesk 20 (CD20) index lost over 17% in a week, with Ether, BNB, and Solana seeing even steeper declines. Traders at Wintermute described the move as a violent drop, possibly the worst single-day drawdown since the FTX collapse, driven by liquidations and a perceived 'sell at any price' working order, alongside cross-asset deleveraging affecting traditional assets like the Nasdaq 100. Further dampening sentiment, Gemini announced plans to close operations in the U.K., EU, and Australia and cut 25% of its staff. Market structure issues, including lower average market depth, exacerbated price moves, while spot bitcoin ETF flows turned negative with $1.25 billion in net outflows over three days. Analysts noted a correlation between Bitcoin's recent decline and the tumble in software stocks, suggesting both may have hit tactical lows around $60,000.

(Source：CoinDesk)