Market Overview - Bitcoin traders are experiencing significant liquidations, totaling $704 million in a single day, leading to increased speculation on market bottom [1] - Polymarket indicates a 56% probability of Bitcoin dropping to $70,000 or below by the end of February, while the chance of recovery to $85,000 has decreased to 41% [2] - For the year, there is a 74% chance Bitcoin will reach $65,000, but only a 14% chance of hitting $150,000 [3] Factors Influencing Bitcoin's Decline - Geopolitical uncertainty is driving investors towards traditional safe havens, with gold outperforming Bitcoin over the past five years [4] - Political controversies, such as a $500 million investment in a Trump-affiliated crypto firm, are contributing to negative sentiment around crypto regulation and institutional adoption [5] - Michael Burry's assertion that Bitcoin lacks an organic use case adds to the bearish sentiment, compounded by macroeconomic challenges and overleveraged positions [6] Impact on Related Companies - Companies like Coinbase Global Inc and MicroStrategy Inc are reflecting Bitcoin's decline, with MicroStrategy facing scrutiny due to its substantial Bitcoin holdings [9]