Live markets: Bitcoin rebounds to nearly $60,000. Kospi, Nikkei sink
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More than $1 billion in crypto positions were liquidated over the past 24 hours, per CoinGlass, with longs accounting for $842 million of the damage. About 148,500 traders were wiped out. The largest single position was a $38 million bitcoin-dollar bet on Hyperliquid. Bitcoin led at $489 million in liquidations, ether at $295 million.
Bitcoin is trading near $59,750 on Friday morning, down 2.8% on the day and back in the $58,000 to $62,000 range it has churned through all week, per CoinDesk data.
The 24-hour low hit $58,188, uncomfortably close to the levels where another $1.6 billion in leveraged long positions are clustered, per CoinGlass.
Today's quarter-end options expiry is the live catalyst.
A large volume of options contracts expire simultaneously at quarter-end, which can amplify moves in either direction as traders close or roll positions. How bitcoin exits the session today is likely to set the tone heading into July.
Bitcoin (BTC) has bounced from overnight lows amid a renewed slide in Asian equity markets.
The leading cryptocurrency by market value traded at around $59,800 as of this writing, up 2.7% from the low of $58,206 hit Thursday, according to CoinDesk data. Still, prices are down over 5% this week and nearly 20% for the month.
"Bitcoin has pulled back into the $50–60K zone, and if history is any guide, this is where buyers step in," Gabe Selby, head of research at CF Benchmarks, said.
Selby explained that this zone was first established as support in mid-2024, when prices consolidated in this range following the U.S. spot ETF launch rally, and it's held through everything thrown at it since: the yen carry unwind, the election cycle, and every other high-time-frame retest.
Meanwhile, Asian stocks are under pressure, with South Korea's Kospi index down 8% and Japan's Nikkei losing 3%. The losses follow overnight risk aversion on Wall Street where shares in Apple and other Mag7 stocks cratered after announcing price hikes for laptops, tablets and other products citing rising costs.
Source: CoinDesk
