Bitcoin dropped 2% on Thursday, sliding toward $66,000 by midday and dragging the broader crypto market lower.
Ethereum hovered near $1,900, while Solana fell to $78, and XRP declined to $1.35. The overall market was mixed, with some altcoins in the red and others showing modest gains.
The move triggered over $80 million in liquidations in the past hour and more than $280 million over the past 24 hours, per Coinglass. Meanwhile, open interest on Bitcoin positions across exchanges has dropped to its lowest level since November 2024, now sitting at $45 billion.
The latest pressure came after Standard Chartered lowered both its short-term and full-year crypto forecasts.
The bank now expects Bitcoin to fall near $50,000 in the coming months, with Ethereum potentially dropping to $1,400. Geoff Kendrick, head of digital assets research at the firm, said the recent selloff could continue as ETF investors, many sitting on losses, are more likely to exit than “buy the dip.”
The bank also cut its year-end targets: Bitcoin from $150K to $100K, Ethereum from $7,500 to $4,000, Solana from $250 to $135, and BNB Chain from $1,755 to $1,050.
Broader markets also retreated. The S&P 500 was down nearly 1% at press time, while the Nasdaq dropped 1.7%. Metals sold off sharply, with gold down 2.4% at $4,960 and silver plunging 9% to $76.
