Crypto Market Volatility
The market saw sharp fluctuations, with Bitcoin dipping below $94,000 amid broader volatility. This triggered massive liquidations totaling around $140 million, according to CoinGlass data. Long positions bore the brunt, losing $104 million, while shorts shed $36 million. Over 94,000 traders got rekt, highlighting the risks in this high-leverage space.
On the political front, big news broke from The New York Times: The SEC has backed off on over 60% of its ongoing crypto cases since Trump's return to office. Trump promised a pro-crypto shift, and this seems like the first step—easing enforcement on firms like Binance and Coinbase.
The impact? It's bullish for the industry, potentially fostering innovation and reducing regulatory fears. But don't get too excited; Fed Chair Powell's comments on labor and inflation added uncertainty, keeping prices choppy. Overall, this mix signals short-term pain but long-term gains if policy stays friendly.
Stay vigilant, folks—crypto's not for the faint of heart.
Stay tuned for tomorrow’s pulse!
