Bitcoin’s (BTC) price has dipped below $82,000 today while the wider crypto market has liquidated almost $2 billion of funds, causing some to speculate that crypto winter is finally here.
The asset has been on a downward trend since its all-time high of $126,000 last month, shedding over 34% from its price, or $835 billion from its market cap.
It’s now round-tripped to its previous price point across March and April this year, and 24-hour BTC liquidations alone have just crossed $1 billion, according to Coinglass.
This represents the worst price action BTC has suffered in a single month since June 2022 when Do Kwon’s Terra/Luna crashed.
Read more: Norway’s sovereign wealth fund has lost over $200M in MSTR
The Bitcoin Fear and Greed Index is also displaying “extreme fear,” which is typical during a market crash, and concerns are already being raised that the market is entering a crypto winter/bear market.
Michael Saylor, CEO of the world’s largest BTC treasury holder, Strategy, has said, “They’ll say we got lucky” amid BTC’s price drop.
He’s also posted various AI-generated images of himself encouraging Bitcoiners not to sell. One particular image that didn’t resonate well with users showed him escaping a burning ship in the middle of the ocean.
Indeed, many noted that Saylor is the one abandoning ship.
Read more: Bitcoin treasury Nakamoto down 98% — still pays David Bailey lavishly
Strategy holds almost 650,000 BTC that’s still in the green with an unrealised profit of $5 billion. The price of its MSTR shares, however, has fallen over 9% over the last 24 hours, and almost 40% over the last month.
Indeed, Bloomberg reports that Strategy might lose its listing on the MSCI USA and Nasdaq 100.
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Source: https://protos.com/billions-in-crypto-liquidated-as-bitcoin-crashes-to-82000/
