BTC slipped below $26,000 amid the crypto market mayhem.
, proxy for the broader crypto market performance, fell more than 12% during the week.Market observers had been focused on 11 a.m. ET Friday, when there was reason to believe there could be a court decision in the legal feud between investment manager Grayscale and the SEC. But the time came and went with nothing announced.GBTC bitcoin trust
The verdict “looms large” over the market, Rachel Lin, CEO and co-founder of derivatives decentralized exchange SynFutures, said in an email. In the absence of any decision, bitcoin’s price dipped below $26,000 after trading above that price for most of the day.Some observers tied Thursday's decline to news events such or macroeconomic gloom, but the drop can be explained by excessive leverage, crypto market analytics firm K33 Research wrote in a report.
“However, the build-up of leverage – open interest in the derivatives market – created the perfect conditions for rapid feedback loops, as evidenced by the sizable amount of liquidations and subsequent drop in open interest,” K33 added.The flush out might actually be positive for BTC’s prospects, the report argued. “There is no reason this drop should lead to a continued negative trend.
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