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Bitcoin Price Today: Rises Above $78K After Weekend Crash
Bitcoin recovered after a nearly 10-month low on Tuesday but remains under pressure below $80,000 following massive weekend liquidations and uncertainty around U.S. monetary policy.
The world’s largest cryptocurrency traded 2.8% higher at $78,558.4 as of 06:42 GMT.
Over the previous 24 hours, Bitcoin fell to a low of $74,635.5, its lowest level since early April, as a cascade of stop-loss orders and margin calls accelerated the sell-off.
Bitcoin under pressure due to mass liquidations and Trump’s Fed nomination
The sharp weekend drop was triggered by large-scale leveraged liquidations, highlighting the scale of speculative positions built up during last year’s rally.
Data from derivative-tracking firms showed that billions of dollars in crypto positions were liquidated in a short period, with long positions accounting for the majority of forced closures.
Low liquidity amplified price swings, allowing relatively small moves to trigger large liquidations.
Investor sentiment was also affected by macroeconomic uncertainty. Investors are evaluating the impact of Kevin Warsh’s nomination as the next chair of the U.S. Federal Reserve, prompting a reassessment of future interest rates.
Warsh is widely seen as a proponent of tighter policy, raising concerns that financial conditions could remain restrictive for an extended period.
Meanwhile, the release of the closely watched U.S. employment report for January, originally scheduled for Friday, was postponed due to a partial government shutdown, according to the Bureau of Labor Statistics.
No agreement on stablecoin yields at White House meeting
The crypto industry and major U.S. banks remain far from agreement on regulating stablecoin yields after a White House meeting, highlighting ongoing obstacles to advancing long-stalled crypto legislation.
Crypto executives, banking representatives, and government officials met in Washington to discuss market structure rules but made little progress on whether stablecoin issuers should be allowed to offer yields.
Banks argue that yield-bearing stablecoins could accelerate deposit outflows and create risks to financial stability, while crypto firms say such features are critical for growth and competitiveness.
Cryptocurrency prices today: altcoins recover; Polygon jumps 10%
Most altcoins also saw slight recovery on Tuesday.
Ethereum rose 4.6% to $2,325.92.
XRP gained 2.1% to $1.61.
Solana increased 3.5%, Cardano rose 5%, and Polygon jumped over 10%.
Among meme tokens, Dogecoin and $TRUMP rose 3.5%.
See also: "$1 Billion Worth of Cryptocurrencies to Be Unlocked This Week"
