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Bitcoin Slips Below $93K in Crypto Selloff, but Trader Sees Short-Term Bounce

Bitcoin (BTC) erased all its early-2025 rise on Wednesday as macro jitters and the global bond rout accelerated the sell-off in crypto prices.

The largest crypto slipped to $92,502 during U.S. trading hours, shedding nearly 10% in two days from its Monday peak above $102,000. It has recovered some of the losses on Thursdayand recently traded at $94,336, still down 2.3% over the past 24 hours.

MicroStrategy’s Trading Volume Rivals That of the Top 7 U.S. Tech Stocks

All the seven magnificent tech stocks have a market cap of at least $1 trillion, well over ten times the market capitalization of MicroStrategy, with Apple (APPL), NVIDIA (NVDA), and Microsoft (MSFT) having market caps of over $3 trillion.

Data from Market Chameleon shows that between Dec. 2, 2024, to Jan. 7, 2025, an average of nearly 24 million MSTR shares were traded daily. This would place MicroStrategy sixth out of the other tech stocks, above Microsoft (MSFT), which trades 20 million shares daily, and META (META), which trades 12.2 million shares daily. The clear winner is NVIDIA, with Tesla (TSLA) in second place.

Gary Gensler Predicts Crypto Shakeout, Says Sentiment Outweighs Fundamentals

Outgoing SEC Chair Gary Gensler has reiterated his criticism of the crypto industry, saying he has never encountered a sector driven more by sentiment than by fundamentals.

During a Bloomberg Television interview on Wednesday, Gensler said he believes that many crypto projects are unlikely to survive.

The top regulator further highlighted the need for stricter regulation of altcoins and intermediaries in the digital asset market. He noted that everyday investors still lack proper disclosures and sufficient information from these firms.

US Govt Cleared to Liquidate 69K BTC Worth $6.5B Seized from Silk Road: Report

The US Department of Justice has received approval to sell 69,370 Bitcoin worth $6.5b, seized from the Silk Road dark web marketplace, DB News reported Thursday.

Officials reportedly confirmed that a federal judge issued this decision on Dec. 30, allowing the DOJ to convert the Bitcoin into US dollars.

This move would represent a significant financial recovery for the government. The funds could be used to support law enforcement initiatives. They might also help compensate victims of crimes related to Silk Road.

Bitcoin Spot ETF Flow

The highest net outflow on Jan 8 was Fidelity Wise Origin Bitcoin Fund , with a net outflow of $258.69 million. ARK 21Shares Bitcoin ETF saw a net outflow of 148.3 million, according to SoSoValue.