Bitcoin's price fell below $80,000, leading to $2.55 billion in liquidations, marking the 10th largest liquidation event in cryptocurrency history. The decline was attributed to weak earnings from the Mag7, the nomination of Kevin Warsh as Fed chair, and corrections in precious metals markets. Despite the volatility, which reflects broader macroeconomic uncertainty and a shift towards risk-off positioning, there is no indication of a structural collapse in the market. Wintermute reports that infrastructure and institutional interest in cryptocurrencies remain robust, with expectations for a market recovery in the second half of 2026.