The cryptocurrency market dropped 2.59% in 24 hours, bringing total market value to $2.2 trillion. The decline followed hawkish comments from Federal Reserve Chair Kevin Warsh, which triggered a broader selloff in risk assets. An 11% fall in Strategy’s STRC funding vehicle added concerns about corporate Bitcoin holders and market liquidity. The market’s 63% correlation with the S&P 500 suggests macroeconomic factors are driving moves. Next, traders are watching Bitcoin’s $63,000–$64,000 support zone for signs of stabilization or further selling.
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