Bitcoin briefly drops below $62,000 as $1.5 billion in crypto longs get wiped out

Image for article Bitcoin briefly drops below $62,000 as $1.5 billion in crypto longs get wiped out
News Source : CoinDesk

News Summary

  • Presto Research says bitcoin's drawdowns this year have coincided with rallies in AI stocks and gold as markets scale back expectations for Fed rate cuts.
  • Bitcoin briefly plunged below $62,000 Thursday morning Hong Kong time, triggering more than $1.5 billion in leveraged crypto liquidations.
  • Investors have pulled approximately $1 billion from u.s. spot bitcoin ETFs this week, according to SoSoValue data.
  • Crypto is on course for its worst week since July 2024, with the ether price approaching a critical support as a zcash exploit and AI capital rotation pile on the pressure.
Bitcoin briefly plunged below $62,000 Thursday morning Hong Kong time, triggering more than $1.

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