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A liquidation flush took bitcoin to its lowest since early June before Micron’s blowout earnings and SK Hynix’s U.S. listing plans steadied the AI trade that crypto had been sliding alongside.
The token fell from nearly $3 to about $0.50 in hours, wiping out close to $3 billion in market value, with no exploit or announcement to explain it. Onchain investigator ZachXBT warned in April that M’s price had been propped up by insiders.
Japan’s financial regulator cleared the U.S. dollar-backed token as a new category of payment instrument, letting SBI VC Trade offer it to institutions and retail. RLUSD remains small, at about $1.7 billion.
The market has found a new support level and it could be tested following Thursday’s U.S. inflation data.
Sellers broke another support level on heavy volume, while the recovery failed to reclaim the zone that would ease downside pressure.
The token fell to about $59,000 before buyers stepped in, but the week’s losses are steep across the board. A blowout Micron forecast lifted stocks and oil kept sliding, yet crypto did not follow.