Crypto Markets Get Trapped in a Downward Spiral
This article is for subscribers only.
Bitcoin is extending a downward spiral that has seen it shed more than 42% from its peak in October last year.
“The market is currently navigating a ‘crisis of faith,’” said Shiliang Tang, managing partner of Monarq Asset Management.
While earlier legs of the decline were driven by crypto-specific liquidations, the recent pressure is tied to wider cross-asset stress. Some $722 million of bullish positions across tokens have been liquidated in the past 24 hours, Coinglass data shows.