Viewpoint: Bitcoin is seen as the ultimate risk gauge on Wall Street.

Odaily News Bitcoin faced pressure again on Monday, proving that its weak recovery last week is difficult to maintain. Over $1 billion in forced liquidations occurred in the crypto market within 24 hours. The decline began overnight on Sunday, triggered by tensions from yen arbitrage trading, and continued into Monday's U.S. stock trading session, triggering liquidations in the crypto market and raising new concerns about the selling by Bitcoin reserve companies. As of Monday afternoon, Bitcoin had dropped over 7% in 24 hours, with trading prices falling below $85,000, effectively erasing its slight recovery since November 2. Bitcoin has fallen nearly 32% from its historical high of $126,080 on October 6. Investment analyst and Coin Bureau co-founder Nic Puckrin stated that Bitcoin might be “one of the assets most susceptible to safe-haven catalysts.” Puckrin pointed out that the recent lack of buying demand from ETFs and crypto reserve companies has exacerbated the market's liquidity issues. He believes the key level for Bitcoin to watch is $82,000, which is widely regarded as the average cost basis for many ETF investors and Bitcoin reserve companies. (axios)