Bitcoin has risen above 65,000 dollars again.

Fluctuation in the Bitcoin Market

Bitcoin experienced a sharp decline of 13% last week, approaching $60,000, followed by a quick recovery that pushed it above $65,000. This drop marked the worst single-day loss seen since November 2022.

The market was shaken by the liquidation of approximately $700 million worth of leveraged crypto positions within just a few hours. This situation indicates that the current fluctuations are shaped more by the use of leverage rather than long-term conviction.

Impacts on the Crypto Market

This turbulence has broadly spread across the crypto market, negatively affecting altcoins and companies directly related to Bitcoin. For example, Michael Saylor's firm announced that it faced a quarterly loss of $12.4 billion due to the decline in Bitcoin prices.