Bitcoin · Ethereum · Aave · CoinDesk
Bitcoin bounces from $58,000 as derivatives signal more pain in the pipeline
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The crypto market is clinging to a crucial level of support, with bitcoin BTC $ 60,222.10 barely moving since midnight UTC after rebounding from its lowest level since September 2024 on Thursday.
Key facts
- The largest cryptocurrency was recently trading near $59,700, having fallen as low as $58,100
- U.S. equities also start Friday indicating weakness, Nasdaq 100 and S&P 500 futures are down by 1% and 0.4%, respectively, since midnight as the tech rally of the past three months continues to unwind
- The crypto market is clinging to a crucial level of support, with bitcoin BTC $ 60,222.10 barely moving since midnight UTC after rebounding from its lowest level since September 2024 on Thursday
- Ether (ETH) failed to mirror bitcoin's bounce, dropping a further 1% and extending its string of declines to three straight days
Summary
Bitcoin rebounded from its weakest level since September, while ether fell and U.S. equity futures also softened. Derivatives data show rising stress, with bitcoin futures open interest jumping as traders add shorts, implied volatility and put skew climbing, and over $1 billion in leveraged positions—mostly longs—liquidated in 24 hours. Aave and solana are among the few standouts in a broadly weak altcoin market, while ethena slides as negative funding rates undercut ENA’s model. The largest cryptocurrency was recently trading near $59,700, having fallen as low as $58,100.