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Bitcoiners hoping for a big rotation from gold and silver might be chasing the wrong signal, says Benjamin Cowen.
Kevin Warsh, seen as a more hawkish Federal Reserve chair pick, previously said Bitcoin could serve as a check on fiscal policy decisions.
Bitcoin plunged to a nine-month low as geopolitical tensions, tariff threats, and tech earnings concerned traders, triggering billions of dollars worth of long liquidations.
The spike shows traders rushing for protection, though implied volatility is not yet at extreme levels versus the past year.
More than $1.7 billion in leveraged positions were liquidated in 24 hours as bitcoin fell to $81,000, with long bets accounting for nearly all the damage amid macro jitters and Fed chair speculation.
Bitcoin has hit a nine-month low of $82,134 amid escalating policy shifts, including President Trump's Friday Fed Chair announcement.
The DOJ said Helix processed at least 354,468 bitcoin between 2014 and 2017, worth about $300 million at the time.
The world's largest cryptocurrency has shed nearly $10,000 over the past 24 hours, now threatening to take out its recent November low just under $81,000.
The mixer processed hundreds of millions of dollars in Bitcoin that prosecutors say were tied to illicit activity on the dark web.
Leading crypto treasury firms BitMine and Strategy both saw their stocks plunge nearly 10% amid broader market uncertainty, as a possible U.S. government shutdown looms.
Bitcoin margin longs at Bitfinex exchange reached a two-year high prior to stocks and crypto selling off sharply. Should traders expect a rally or the correction to continue?
The bitcoin-friendly nation's central bank now holds over $360 million of the yellow metal, while the government, led by President Nayib Bukele, has bitcoin holdings worth $635 million.
