Wintermute reports that Bitcoin's price falling below $80,000 triggered $2.55 billion in liquidations, marking the tenth largest liquidation in cryptocurrency history. This decline was influenced by factors including Mag7's weak earnings report, Kevin Warsh's nomination as Federal Reserve Chairman, and a correction in precious metal prices. Market volatility reflects macroeconomic uncertainty and risk aversion, but no structural collapse has occurred; infrastructure and institutional investor interest in cryptocurrencies remains strong, with a recovery expected in the second half of 2026.