According to TradingView, on the night of January 10, 2025, the bitcoin price dropped to $91,203, and the daily liquidation volume on the crypto market reached $366.16 million. At the time of writing, the price of the most popular cryptocurrency has recovered to above $93,300.
According to Incrypted, most of the largest crypto assets, including altcoins, saw a slight drop in the daily chart.
The daily volume of liquidations on futures contracts for crypto assets amounted to $366.16 million. A total of 134,504 traders were forced to reduce their positions. The largest liquidation took place on BitMEX in the XBT/USDT pair, amounting to $5.5 million. The Fear and Greed Index dropped into the orange zone. The index dropped by 5 points in 24 hours.
Presumably, the correction in the crypto market is due to the same factors as in the past few days. Earlier, the network published information about the court approval of the sale of more than 69,000 BTC by the US Department of Justice in the Silk Road marketplace case. What case are we talking about? Battle Born Investments claimed to be in possession of 69,370 BTC ($6.5 billion) through a bankruptcy filing following the closure of Silk Road in 2013. The company appealed to the court to return the assets confiscated in this case in 2022, but was denied.
As we wrote earlier, Andre Dragosch, head of Bitwise’s European research department, who has long been optimistic about bitcoin, now warns of a possible significant drop in the asset in the coming weeks.
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