Bitcoin Rebounds to Near $60,000 as Kospi, Nikkei Sink

Bitcoin rebounded to near $60,000 on Friday after a brutal 24-hour sell-off that wiped out over $1 billion in leveraged crypto positions, with Asian equity markets also sinking.

The largest cryptocurrency by market cap traded around $59,750, down 2.8% on the day but recovering from a 24-hour low of $58,188. According to CoinGlass data, more than $1 billion in crypto positions were liquidated over the past day, with longs accounting for $842 million. About 148,500 traders were wiped out, and the largest single liquidation was a $38 million bitcoin-dollar position on Hyperliquid. Bitcoin led with $489 million in liquidations, followed by ether at $295 million.

For crypto traders, the massive liquidation event highlights the fragility of leveraged positions in a market still digesting macro headwinds. The 24-hour low of $58,188 sits uncomfortably close to a cluster of $1.6 billion in leveraged long positions, per CoinGlass, meaning further downside could trigger another wave of forced selling. Meanwhile, the correlation with Asian equities — the Kospi and Nikkei both sank — underscores that crypto is not immune to broader risk-off sentiment driven by global monetary policy expectations. Traders can monitor these moves in real time on NowPrice's live crypto dashboard.

Looking ahead, the market is watching for any catalyst that could break bitcoin out of its week-long $58,000–$62,000 range. A large volume of options contracts are set to expire, which could introduce volatility. On the macro front, any shift in Fed rhetoric or US economic data could sway risk assets, including crypto. The $58,000 level remains a key support to defend; a break below could open the door to a test of $55,000.