Bitcoin Tumbles to $67K As Asia Begins Trading Day

Bitcoin’s value plummeted to $67,000 during the start of Asia’s trading day, experiencing a 7% dip before bouncing back to approximately $68,500. Despite the short-term sell-offs, experts believe that the overall upward trend will remain intact as long as the demand for BTC spot ETF remains strong. Singapore-based QCP Capital expects some volatility over the weekend, particularly ahead of the release of the Federal Open Market Committee minutes. The company reported high demand for BTC calls with year-end targets ranging from $100,000 to $150,000. The CoinDesk 20 index, which measures the performance of the top digital assets, fell 6% during this period. Data from CoinGlass reveals that long positions worth over $100 million were wiped out in the past 12 hours, while $167 million in longs were liquidated in the past 24 hours. Greta Yuan, Head of Research at Hong Kong-licensed exchange VDX, highlighted that the recent surge in Bitcoin prices occurred too quickly for the market to accurately price, thus a correction was expected. On Polymarket, a prediction market contract suggests a 38% chance of BTC closing above $70,000 by Friday noon in Eastern Time. Adrian Wang, Founder and CEO of Metalpha, expressed concern about the trading volume of Blackrock’s Bitcoin ETF, speculating it could cause a flash crash due to the rapid surge in Bitcoin’s price. Wang noted that the market correction indicates a necessary adjustment of expectations, considering the uncertainties surrounding the upcoming halving event.