Bitcoin Drops Below $31K Before Rebounding; $8B in Liquidations Triggered

Bitcoin tumbled for a fifth-straight day, putting the largest cryptocurrency on track for its worst month in more than three years and leading a full-flown retreat from digital-asset markets.

At press time, bitcoin (BTC) was changing hands at around $38,500, after dropping below $31,000 earlier Wednesday. The price was down 9.8% since 0:00 coordinated universal time (8 p.m. ET Tuesday). As recently as April, the price had hit an all-time high of close to $65,000.

The latest crash shook out…


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