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Bitcoin fell to $77k amid liquidations
On Monday, Bitcoin traded near its lowest level since April after a sharp weekend sell-off that pushed prices down to around the $75,000 mark, as major leveraged position liquidations and growing macroeconomic uncertainty weighed on sentiment.
The world’s largest cryptocurrency was last down 2.2% at $76,825.4 as of 05:06 GMT, having fallen to $74,635.5 — levels last seen nearly ten months ago.
Bitcoin is slightly above its 15-month low near $70,000 amid ongoing selling pressure.
Bitcoin drops over the weekend amid major liquidations
The decline caused widespread damage across the digital asset market. According to CoinGecko, approximately $111 billion was wiped from the total cryptocurrency market capitalization over the past 24 hours, highlighting the scale of the rout.
According to CoinGlass, about $1.6 billion in leveraged positions were liquidated as falling prices forced traders to quickly unwind bullish bets.
Reduced liquidity, especially over the weekend, exacerbated the sell-off. As prices fell below key threshold levels, stop-loss orders and margin calls accelerated the decline, creating a feedback loop that increased volatility in major tokens.
Bitcoin’s decline is also linked to broader risk aversion in global markets following renewed focus on U.S. monetary policy.
Trump’s nomination of Warsh to the Fed puts pressure on crypto
U.S. President Donald Trump nominated Kevin Warsh as the next Chair of the Federal Reserve, prompting a reassessment of interest rate prospects and liquidity conditions.
Warsh, a former Federal Reserve official, is widely known for his hawkish stance, particularly regarding inflation control and balance sheet discipline.
His position may imply tighter financial conditions compared to expectations earlier this year, reducing appetite for speculative assets such as cryptocurrencies, which typically benefit from abundant liquidity and lower borrowing costs.
“Warsh’s past criticism of QE and the Fed’s use of its balance sheet to enhance monetary policy transmission triggered an immediate unwinding of trades that benefited from fears of currency debasement, including bitcoin and other crypto tokens,” said David Scutt, market analyst at StoneX Group.
Bitcoin has fallen sharply from record highs reached last year, erasing a significant portion of gains driven by optimism about institutional adoption and looser financial conditions.
Crypto today: altcoins continue to fall; Ether at a 7-month low
Most altcoins fell further on Monday, extending the sharp weekend losses.
The world’s No. 2 cryptocurrency, Ethereum, fell 6.6% to $2,290.92, trading near seven-month lows reached in the previous session.
The world’s No. 3 cryptocurrency, XRP, dropped 4.4% to $1.59.
Solana fell another 3%, while Cardano and Polygon each declined by 1.5%.
Among meme tokens, Dogecoin and $TRUMP edged lower.
See also: "A sudden Bitcoin crash may precede a major bullish rally"
