Bitcoin drops below its 200-day average to near $104,500 amid broad sell-off; $1.2B in liquidations signal mounting stress as traders brace for further downside.
The tone in risk markets soured again overnight as traders rotated back to stablecoins, avoiding bitcoin and smaller tokens ahead of key Federal Reserve and geopolitical catalysts.
The largest daily redemption since August reflects shifting sentiment after a record-breaking summer for ETF inflows and a growing link between macro risk, derivatives positioning, and bitcoin price action.
Federal Reserve Governor Michael Barr, who was the central bank's regulatory chief during the Biden administration, flagged potential stablecoin pitfalls.
Hedera’s HBAR token saw a dramatic 5% intraday swing as institutional investors drove heavy volatility, with early gains erased by late-session corporate liquidation pressure.
Crypto markets extended their steep losses Thursday as altcoins plunged and bitcoin tested key support, with derivatives data showing cautious sentiment amid fading liquidity.