Bitcoin dipped toward $60,000 after liquidations across crypto derivatives markets reached $2.56 billion, marking the 10th-largest daily total on record. This decline came amid growing investor concerns regarding stagnating US liquidity, especially following US President Donald Trump's nomination of Kevin Warsh to lead the Federal Reserve. The situation has led to a brutal sell-off in cryptocurrency markets, with Bitcoin exchange-traded funds (ETFs) experiencing three consecutive days of outflows totaling $431 million.