Just before the week could even clear its throat, the top crypto asset bitcoin slipped beneath the $65,000 mark, brushing an intraday low of $64,785. In the process, more than $100 million in bitcoin long positions and roughly $85 million in ethereum longs were unceremoniously wiped out.
Bitcoin Slips Below $65K, Bounces Back as Wall Street Futures Bleed
Bitcoin is down 1.2% on the day and dipped below $65,000 for the first time since the month began. With bitcoin often playing the role of TradFi’s early warning signal, some now suspect Wall Street may be in for an unpleasant morning.
“ Bitcoin is dumping after U.S. stock market futures opened in the red and Oil futures rose to $103,” the X account Ash Crypto wrote after 6 p.m. Eastern time.
Just after 7 p.m., bitcoin clawed its way up from the $64,785 intraday low recorded on Bitstamp, tapped about an hour or so earlier, with bulls making a push to reclaim the $66,000 threshold. The leading crypto asset, by market valuation, is off nearly 25% year to date and more than 8% over the past fortnight.
Bitcoin did manage to climb above the $70,000 range in March, but analysts “don’t expect” the Delta to flip green again “anytime soon.”
Liquidation data from Coinglass shows 86,277 traders were liquidated over the past day, with $278 million wiped out, including $234 million in long positions, largely tied to $BTC and ETH. The entire crypto economy has slipped about 0.58% on the day and now sits at $2.28 trillion. For most of the session, the bulk of crypto assets posted only mild percentage losses or less, though weakness crept in across the board.
All of this appears tied to TradFi’s growing unease. Futures are signaling a weak open for Monday, while sentiment on Wall Street remains guarded heading into the holiday-shortened trading week (no trading on Friday). Dow Jones futures are down roughly 0.6% to 1.7%, depending on the contract and timing, with implied opens pointing to a notably soft start tomorrow.
S&P 500 futures are off about 0.5% to 0.6%, while Nasdaq futures are also lower by roughly 0.6% to 0.7% as of 7:30 p.m. Eastern time. “Always surprised that the Sunday night futures are down so little with no deal in sight. Down .50. I figure the big gunners will come in and take them down to 1.5% before we go to sleep,” stock market commentator and television personality Jim Cramer wrote on X.
Whether bitcoin finds its footing above $66,000 or gets dragged back toward the week’s low may hinge less on eager buyers and more on how traders interpret Monday’s open. The market’s next move is already lurking in the back of every portfolio manager’s mind, and oil futures creeping past $100 tend to compress time horizons in a hurry. Crypto traders clinging to leveraged longs have already had a front-row seat to that pressure.
At press time, at 8:25 p.m. Eastern on Sunday evening, bitcoin is changing hands for $66,778 per unit, indicating incredible volatility and a significant bounce back over the last hour.
FAQ 🔎
- How low did bitcoin fall? Bitcoin dropped to an intraday low of $64,785 on Bitstamp, slipping below $65,000 for the first time this month.
- How many traders were liquidated? Coinglass data shows 86,277 traders were liquidated in the past 24 hours, with $278 million wiped out.
- Why is bitcoin falling? Bitcoin is tracking broader macro pressure, with U.S. stock futures pointing lower and oil climbing past $103 a barrel.
- How is the wider crypto market holding up? The total crypto market slipped 0.58% on the day and now sits at $2.28 trillion.
