- Cryptocurrency market tests the trillion-dollar barrier:

Market Overview
The total market capitalization of digital currencies dropped from $2.12 trillion to $2.02 trillion before rebounding to $2.06 trillion, stabilizing at the time of writing as active trading began in Europe. Selling pressure intensified after a new wave of declines in stock indices. This morning, digital currencies appeared stable or on a recovery path, but these indicators will only be tested when active trading begins in the United States. Over the past 24 hours, the top performing liquid coins were AAVE (+5.6%), Solana (+0.7%), and Theta Network (+0.1%). The worst performers were Algorand (-6.7%), Polkadot (-6.2%), and NEAR Protocol (-6.1%).

Bitcoin's price approached $58,000 at its lows late Thursday and early Friday, but in both cases, heavy buying quickly pushed it back into the $60,000 range. This pattern resembles margin position liquidations during price declines, followed by strong buying based on pending orders during the recovery period. Given the decline in institutional investor confidence and their ability to quickly offload cryptocurrencies to stabilize their balance sheets, it is important to prepare for ongoing pressure and periodic selling waves from leveraged traders.

News Background
Bitcoin dropped to $58,000 amid a massive sell-off on Binance, according to analyst Amr Taha. His data indicates that spot market sales volume reached nearly $4 billion within two hours.

The sharp decline in Bitcoin's price coincided with the opening of the U.S. market and an additional deviation from the nominal value of Strategy's preferred shares of class STRC. Concerns are growing about the company's financial situation, as it lacks sufficient dollar reserves to pay dividends and reduce its debt burden, which may force it to sell part of its Bitcoin holdings.

Technical analysts highlight the appearance of a 'head and shoulders' pattern on the monthly chart of Strategy's common stock (MSTR), which could lead to an 80% drop in the stock price. This pattern is reminiscent of the dot-com bubble period, when MSTR shares formed a similar pattern and later lost over 99% of their value over the following two years.

CryptoQuant reports that major players are accumulating Bitcoin at record rates amid panic selling by retail investors, and the psychological gap between the two groups is widening to extreme levels.

Summary: The crypto market stabilized after the decline: Bitcoin stabilizes at $60,000, but selling pressure and the risk of further sell-offs remain.
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