Bitcoin falls back to near $59,000 as global risk assets come under pressure

Bitcoin fell below $60,000 on Friday, hitting a low of around $58,200 before recovering slightly to near $59,800. Earlier this week, the price saw a significant correction due to a sell-off in global tech stocks, particularly those related to artificial intelligence. South Korea's Kospi index dropped 8%, while Japan's Nikkei index fell 3%. In the past 24 hours, over $1 billion in leveraged positions were liquidated across the market, predominantly long positions.
Strategy (MSTR) increased its Bitcoin holdings by 520 BTC through equity financing, while also boosting its dollar reserves by $300 million to $1.4 billion. Strive (ASST) purchased 759 BTC for approximately $50 million. The Federal Reserve's hawkish stance has strengthened, leading to tighter expectations for future policy paths, and spot Bitcoin ETFs have seen continued outflows.
This correction is primarily driven by the global tech sector sell-off and tighter macro policy expectations, with the correlation between the crypto market and risk assets significantly increasing during the downturn. Leveraged liquidations have amplified price volatility, while miner selling pressure and spot ETF outflows have further added to the downward pressure. Although continued accumulation by some corporate holders provides some support, the market remains in a wait-and-see and consolidation phase. Future trends will depend on the recovery of institutional capital inflows and changes in macro data.
The above content is compiled based on publicly available market information and is for reference only. It does not constitute any investment advice or financial opinion.
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