**Cryptocurrency Market Update: Bitcoin Drops 4% Following Supreme Court Ruling, Triggers $616M in Liquidations** Bitcoin tumbles from a high of $67,695 t
**International News - Cryptocurrency Market Suffers Significant Losses**
- **Bitcoin Tumbles Following Supreme Court Ruling**
Traders with long positions on Bitcoin and other cryptocurrencies have experienced substantial losses to begin the week. The flagship digital asset, Bitcoin, plummeted from a 24-hour high of $67,695 to a low of $63,962, triggering total liquidations worth $616.41 million, according to CoinGlass.
- **Long Positions Suffer Major Losses**
The majority of these liquidations targeted traders going long, amounting to $524.28 million. This decline marks Bitcoin's fifth consecutive monthly red candle, a rare losing streak in its history.
- **Market Pullback and Gold Correlation**
Today's plunge follows a broader market pullback as markets digest the impact of the Supreme Court's ruling against Trump's tariffs. Crypto analyst Michaël van de Poppe suggests that Bitcoin remains locked in a major downtrend compared to gold. He states, "The answer is: not bueno. Bitcoin couldn't hold above the $65,000 level and continues to fall. On the flipside: Gold continues to rally. The inverse correlation remains to be happening."
**Key Notes:**
- Bitcoin plunged from $67,695 to $63,962, triggering $616.41 million in liquidations.
- Long positions accounted for $524.28 million of the liquidations.
- Bitcoin has recorded five consecutive red monthly candles, a significant losing streak.
- The decline follows a broader market pullback after the Supreme Court's ruling on Trump's tariffs.
- Crypto analyst Michaël van de Poppe suggests that Bitcoin is in a major downtrend compared to gold.
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