Crypto: Bitcoin Dips To $60k, Trm Labs Becomes Crypto Unicorn: Finance...

Bitcoin dipped toward $60,000 after liquidations across crypto derivatives markets reached $2.56 billion, the 10th-largest daily total on record.

Cryptocurrency markets experienced a brutal sell-off this week as investor concerns grew over stagnating US liquidity following US President Donald Trump's nomination of Kevin Warsh to lead the Federal Reserve.

Bitcoin exchange-traded funds (ETFs) recorded three consecutive days of outflows, with $431 million exiting on Thursday, according to data from Farside Investors. Bitcoin’s (BTC) price briefly dipped to $60,074 on Friday before recovering above $64,930 as of 7:49 a.m. UTC.

Warsh — who previously served as a Fed governor from 2006 to 2011 — is expected to continue the interest rate cut trajectory. His nomination may also signal that broader market liquidity is expected to “stabilize rather than meaningfully expand,” Thomas Perfumo, economist at crypto exchange Kraken, told Cointelegraph.

The industry recorded its 10th-largest liquidation event on Jan. 31, as more than $2.56 billion in leveraged positions were wiped out, according to derivatives data platform CoinGlass.

Blockchain intelligence platform TRM Labs completed a $70 million Series C funding round, valuing it at $1 billion, becoming the latest crypto company to reach unicorn status.

The investment round was led by seed investor Blockchain Capital, with participation from Goldman Sachs, Bessemer Venture Partners, Brevan Howard Digital, Thoma Bravo, Citi Ventures and Galaxy Ventures, according to a Wednesday news release.

TRM Labs seeks to equip public and private institutions with AI solutions that combat cybercrime. The company defends against illicit activities that increasingly rely on automation.

“At TRM, we’re building AI for problems that have real consequences for public safety, financial integrity, and national security,” wrote Esteban Castaño, co-founder and CEO of TRM Labs.

“This funding allows our world-class team — and the people who will join us next — to innovate alongside institutions on the front lines of the most consequential threats, and expand the potential of AI to meaningfully improve how our critical systems are protected.”

Source: CoinTelegraph