Morning Minute: Bitcoin Erases Trump Pump, Falls to $60k
Bitcoin plummeted 14% in one day, dropping to $60,000 and wiping out gains since the 2024 U.S. election, marking a 50% drawdown from October’s $126,000 peak. The sharp decline triggered over $2 billion in crypto liquidations, with the Fear & Greed Index hitting its lowest level in years. Altcoins also suffered major losses: XRP fell over 20%, Ethereum dropped to $1,750, and Solana sank to $69. Bitcoin derivatives saw $1.1 billion in liquidations. MicroStrategy reported a $12.4 billion quarterly loss, with its Bitcoin holdings now underwater after BTC slipped below its $76,000 average cost basis. Analysts warned of further downside, with some predicting a potential drop to $38,000. Market sentiment has shifted to “capitulation,” signaling a prolonged recovery phase where long-term holders might accumulate while short-term holders panic. Near-term price movements remain uncertain, but $60,000 could be closer to a market bottom than the top.
