Bitcoin dipped below $64,000 on Friday after nearly touching $67,000 earlier in the week, sparking $87 million in liquidations just for BTC and contributing to $312 million wiped out across the crypto market. The bitcoin market cap dropped to $1.285 trillion as volatility rattled traders.
Market Movement and Liquidations
Bitcoin’s price held steady near $64,800 on Thursday afternoon before surging to $65,705 early Friday morning. But then a sharp sell-off pushed it down to an intraday low of $63,666, wiping out over $2,000 in less than eight hours. A minor recovery lifted the price back above $64,000, yet the cryptocurrency closed the day about 1% lower.
The overall crypto market cap fell to roughly $2.28 trillion amid this volatility. Liquidations hit $312 million in total, with $87 million of that linked to bitcoin alone. Long positions accounted for $70 million in losses while shorts contributed $17 million. The sell-off reflects cautious sentiment despite the broader market environment.
Regulatory Developments Provide a Counterbalance
Amid the price swings, regulatory progress has gained traction. The CLARITY Act saw renewed momentum after the National Fraternal Order of Police withdrew its opposition, signaling growing institutional support. This shift removed a significant hurdle for the bill’s passage in the Senate.
also major U.S. crypto trade groups like the Blockchain Association and the Crypto Council for Innovation jointly urged Senate leadership to advance the legislation. The bill aims to establish a full federal framework for consumer protection and assign clear oversight of digital commodity markets to the CFTC. It includes measures such as asset segregation, capital requirements, and standardized disclosures.
These regulatory moves contrast with the unsettled price action. Meanwhile, oil prices dipped below $100, easing energy market volatility that often influences crypto sentiment.
