Bitcoin Plunges Amidst $500 Million Liquidations, US Treasury Policies Spark Market Uncertainty

Bitcoin experienced a sharp downturn, hitting an 11-day low and triggering over $500 million in market liquidations. This decline was fueled by macroeconomic data releases, pronouncements from the US Treasury, and potential leveraged positions at major crypto exchanges. The announcement of a strategic Bitcoin reserve by the US Treasury further intensified investor concern, exacerbating market volatility. [Quote on market reaction to US Treasury’s announcement] As the market reacts to this move, Chainlink stood out as a notable outlier, defying the broader bearish trend.