In what appears to be a repeat of yesterday’s developments, bitcoin’s price has headed south once again, but this time it even plunged below $59,000 for the first time in nearly two years.

With no other major catalysts known at the moment, all roads seem to be leading today to Michael Saylor’s Strategy and the FUD around it.

BTC’s New Drop

As reported yesterday, Strategy’s main stock, MSTR, plummeted by 10% to a then-two-year low of $93. Bitcoin reacted with a similar decline to $59,050, but managed to rebound and even jumped to almost $62,000 earlier today.

This became another dead-cat bounce, though. The bears stepped up once again in the past 30 minutes or so, driving the cryptocurrency to its lowest position since before the US presidential elections in late 2024 at $58,000.

Although the asset has found support for now at this point, the overall landscape remains highly bearish, with BTC dumping by well over $20,000 in six weeks.

Analysts continue to relate the cryptocurrency’s adverse price moves to those of Strategy’s MSTR and STRC. The former is down by another 7% to a new multi-year low today of $88, with KALEO predicting another massive leg down toward $25. STRC is far off its par price of $100, currently trading at $76, which essentially increases the pressure on both the company and its massive BTC holdings.

Liquidations Pop

With most altcoins mimicking bitcoin’s massive crash, it’s no wonder that the total value of wrecked positions is on the rise. In fact, there have been almost $500 million worth of liquidations in the past hour alone, with nearly all of them coming from longs.

The 24-hour scale is even more painful, as data from CoinGlass shows a $1.3 billion wipe-out. More than 210,000 traders have been wrecked within the same timeframe. The single-largest liquidation took place on Binance and was worth over $19 million.

Source: CryptoPotato