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#CryptoMarketDrops150KLiquidated
Bitcoin Price Drops to $76,000, Triggers $600 Million Liquidation
Bitcoin plummeted to the $76,000 price range right as the US futures market officially opened on Monday (May 18) morning. This rapid decline was triggered by risk-off sentiment after the 10-year US Treasury yield surged to 4.55%, boosting the likelihood of the Fed raising interest rates above 60%. This macro pressure was further exacerbated by a recent report to the SEC, in which the company mentioned the option to sell Bitcoin holdings to raise fresh funds of $1.5 billion to buy back their bonds, a signal that immediately sparked market anxiety.
โAs a result of the consecutive shocks in the spot market, a fatal domino effect quickly swept through futures traders. Within just 60 minutes of US futures opening, data recorded trading positions worth $600 million or approximately Rp9.3 trillion liquidated because most traders were caught in long positions. The combination of liquidity drought caused by bond sentiment and the threat of distribution from Strategy is expected to keep the crypto market under intense pressure for some time to come.