Bitcoin Plunges Amid $600M Liquidations and Institutional Outflows; Crypto Crime Rises in France
Bitcoin Plunges Amid $600M Liquidations and Institutional Outflows; Crypto Crime Rises in France
The cryptocurrency market experienced significant headwinds this week, primarily impacting Bitcoin. A sharp price drop to $64,000 triggered over $616 million in liquidations, with the majority affecting long positions. This downturn coincides with a fifth consecutive week of institutional outflows, totaling $288 million across crypto assets, heavily driven by Bitcoin selling. Separately, a confidential report from French law enforcement reveals a concerning trend of over 40 crypto-linked kidnapping cases, with organizers operating from overseas. A traditional bank fraud scheme of $40 million was also reported, unrelated to the crypto market.
The slew of recent crypto kidnapping attempts in France has been linked to overseas organizers, according to French law enforcement authorities. The French news outlet Franceinfo viewed a confidential report from the Organized Crime Information, Intelligence and Strategic Analysis Service of the Judicial Police (SIRASCO), which indicated that there were more than 40 crypto-linked kidnappings […]
Traders betting on a Bitcoin and crypto bounce are getting wrecked to start the week. Bitcoin dropped from a 24-hour high of $67,695 to as low as $63,962, triggering a total of $616.41 million in liquidations, according to CoinGlass. The vast majority of the liquidations hit traders going long, coming in at $524.28 million. BTC […]
Institutional investors just sold an overall total of $288 million in Bitcoin and crypto assets in one week, according to a new update from Coinshares. The outflows mark the fifth consecutive week of selling, bringing cumulative year-to-date outflows to $4 billion. Bitcoin drove the bulk of the selling with $215 million in outflows. Short-bitcoin products […]