Bitcoin dips back to around $59,000, global risk assets under pressure

Bitcoin fell below $60,000 on Friday, with the low reaching approximately $58,200, before rebounding slightly to around $59,800. Earlier this week, the price saw a notable correction amid a sell-off in the global tech sector, particularly AI-related stocks. South Korea’s KOSPI index fell 8%, while Japan’s Nikkei index dropped 3%. Over the past 24 hours, liquidations across the entire market for leveraged positions exceeded $1 billion, mainly involving long positions.
Strategy (MSTR) increased its Bitcoin holdings by 520 through equity financing, while also raising its U.S. dollar reserves by $300 million to $1.4 billion; Strive (ASST) purchased 759 Bitcoin for approximately $50 million. The Fed’s hawkish stance has been reinforced, and market expectations for future policy paths are tightening, with spot Bitcoin ETF flows continuing to see outflows.
This correction is mainly driven by the sell-off in the global tech sector and tighter expectations for macro policy. The correlation between the crypto market and risk assets has significantly increased during the downturn. Leveraged liquidations have amplified price volatility, while miner selling pressure and spot ETF outflows have added further pressure. Although continued accumulation by some corporate holders provides some support, the overall market remains in a wait-and-see and consolidation phase; future direction will depend on whether institutional capital inflows recover and on changes in macro data.
The above is compiled based on publicly available market information and is for reference only and does not constitute any investment advice or financial opinion.
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