Bitcoin Plummets Below $85K as Crypto Liquidations Signal Deepest Monthly Drawdown Since 2022

Bitcoin experienced a significant selloff on Friday, dropping below $85,000 for the first time since April. This decline triggered a cascade of leveraged liquidations, signaling the potential for the worst monthly drawdown since the crypto winter of 2022. The cryptocurrency’s market value has erased its year-to-date gains and is now at levels last seen in early January, with Ethereum also experiencing sharp declines.