Bitcoin falls under $100,000, dragged by DeepSeek stock sell-off
Bitcoin has seen more than $250 million in long liquidations over the past 24 hours, according to CoinGecko, as traders who used leverage to bet the price of bitcoin would continue to rise were forced to sell their assets to cover their losses.
The selling follows a mixed response by the market to President Donald Trump's widely anticipated executive order on crypto, issued Thursday afternoon, and a lack of news since. Some crypto traders were disappointed the order didn't fully commit to the establishment of a stockpile, and some didn't care for the "stockpile" language versus a reserve. (While the latter would involve actively buying bitcoin in regular installments, a stockpile would simply not sell any of the bitcoin currently held by the U.S. government.) Bitcoin hit a new record above $109,000 last week in anticipation of the executive order.