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After several days of upward movement, the crypto market sharply corrected on May 7th. Bitcoin fell back below $80,000 and dragged down Ethereum, Dogecoin, and other major assets. The impact was significant: over 100,000 traders were liquidated in 24 hours, totaling $341 million, and nearly 75% of those positions were long.
What caused it? The rising tensions between Iran and the U.S., combined with weaker expectations for rate cuts, ended up weighing on risk appetite and macro liquidity.
Do you see this drop as a simple pullback or as a sign that the market still doesn't have a clear bottom?
#BitcoinFallsBelow80K