A period of unusual calm in crypto markets ended abruptly this week as the notion of higher-for-longer interest rates sparked a selloff in risk assets like Bitcoin, leading to mass liquidations of bullish bets.
The rout pushed Bitcoin from near $29,000 to as low as $25,314 in a 24-hour span before the biggest token recovered slightly in early European trading on Friday. More than $1 billion of positions were unwound in the selloff, according to Coinglass data.